Suspension of tax audit: The pros and cons philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.
MANILA - The Court of Tax Appeals (CTA) has nullified a tax assessment of PHP9.6 million against an insurance brokerage firm, citing lapses made in the procedure for the assessment. In an en banc decision dated June 20 penned by Associate Justice Roman del Rosario, the tax court affirmed an earlier decision by its Third Division voiding the tax assessment for deficiency income tax, value-added tax, and expanded withholding tax for the year ending in 2011 against Tektite Insurance Brokers Inc. The tax court's third division in its June 25, 2020 decision had canceled the formal letter of demand (FLD) issued by officials of the Bureau of Internal Revenue (BIR) against the firm. In nullifying the assessment, the tax court noted that the firm had been deprived of due process and there had been no opportunity for the firm to first contest the assessment before the issuance of the FLD. The court noted that revenue officials issued the FLD or Final Assessment Notice (FAN) on Jan. 9, 2015,
The pandemic has increased uncertainty in everyday life and in business planning. However, amidst this difficulty one thing remains the same taxes and tax assessments are vital considerations for businesses.
The importance of detailing the discrepancies philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.
MANILA - The Court of Tax Appeals (CTA) has granted a petition filed by broadcasting firm Altimax Broadcasting Co. questioning a PHP18-million tax assessment on it by the Bureau of Internal Revenue (BIR). In an 18-page decision promulgated October 6 written by Associate Justice Juanito C. Castaneda, Jr. and released online recently, the court granted the petition for review filed by the firm and set aside the BIR's warrant of distraint and levy (WDL) dated Jan. 31, 2019 against the firm. The court likewise canceled and set aside "for being void" the formal letter of demand the final assessment notice (FLD/FAN) issued against the firm for taxable year 2013. The sum involved alleged deficiency income tax, value-added tax, and expanded withholding tax liabilities, for the year 2013 amounting to PHP18.90 million, including interest, surcharge, and penalties. The firm claimed that the WDL "has no legal basis" and that the assessment for unpaid taxes is null and void