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Red Ribbon Bakeshop Opens its 33rd US Store Bringing Its Cakes and Signature Baked Goods to Milpitas, California on September 25, 2021
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Red Ribbon Bakeshop Opens its 33rd US Store Bringing Its Cakes and Signature Baked Goods to Milpitas, California on September 25, 2021
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Court drops P172-M tax assessment vs. Red Ribbon
Published 3 months ago
MANILA – The Court of Tax Appeals (CTA) has ruled in favor of local food firm Red Ribbon Bakeshop Inc. in a case for disputed tax assessment dating back to 2009 for lack of sufficient authority of the revenue personnel who audited the firm.
In a 17-page decision dated Jan. 7 and made public Friday, the court’s Third Division canceled a tax assessment for income tax and value-added tax deficiency in July 2015 on the firm for PHP172.23 million.
The court noted that revenue officers who conducted the audit investigation are not authorized through a letter of authority (LOA) and “thus, the resulting assessment is void.”