1 month BIR losses P1.4-billion tax case vs Medical City MB
By Jun Ramirez The Court of Tax Appeals (CTA) has voided the P1.4-billion deficiency tax assessments imposed by the Bureau of Internal Revenue (BIR) against the owner of Medical City for its failure to promptly notify the hospital of its alleged liabilities. Bureau of Internal Revenue (MANILA BULLETIN) In a 24-page decision, the court’s Second Division stated that the three-year prescriptive period had already elapsed when the BIR issued a Letter of Authority (LA) to investigate in 2012 so that it could collect deficiency income and value-added taxes from the Professional Services, Inc.(PSI) The BIR argued that the 10-year prescriptive period should ... more