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Tax Assessment Limitations Explained by Roland Maranan is a document available to read on EtoBox.
1) The CIR assessed Ayala Securities Corp for unpaid taxes on unreasonably accumulated surplus for the 1955 fiscal year on February 21, 1961. Ayala argued this was beyond the 5-year limitation period in Sections 331-332 of the tax code. 2) The Supreme Court ruled that Sections 331-332, which limit the assessment period to 5 years from the date a return is filed, do not apply to the tax on unreasonably accumulated surplus. No return is required by law for this tax, as corporations try to hide surplus amount
- Author
- Roland Maranan
- Language
- EN