NOLCO definition
Examples of NOLCO in a sentence
The details of the Group’s NOLCO, which can be claimed as deduction from future taxable income within three years from the year the taxable loss was incurred and within five years from the year SPC losses were incurred, is shown below.
The total unutilized NOLCO amounted to P1,823 as of December 31, 2015.
The unrecognized deferred tax assets relate to the following: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Allowance for impairment P 925 P 2,169 P 763 P 629 Excess MCIT 60 6 - - NOLCO Post-employment benefit 51 77 - - obligation 24 478 - 446 Advance rental 1 2 - - P 1,061 P 2,732 P 763 P 1,075 Consequently, deferred tax liabilities were also not recognized on certain taxable temporary differences as the settlement of those can be offset by the available deductible temporary differences in the future.
In addition, the Group’s net operating loss carry over (NOLCO) is allowed as a deduction from taxable income in the next three consecutive years.
In 2016, the Parent Company utilized a portion of the remaining NOLCO amounting to P1,246, while the balance of P577 expired.