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Tax Evasion Case: CIR vs. Toda Estate by Jopan SJ is a document available to read on EtoBox.

What is Tax Evasion Case: CIR vs. Toda Estate about?

1) The CIR assessed a deficiency income tax against the Estate of Benigno Toda based on an alleged simulated sale of a building by Cibeles Insurance Corporation (CIC), which Toda owned 99.991% of. 2) CIC sold the building to Rafael Altonaga for P100 million, who then immediately resold it to Royal Match Inc. for P200 million. The CIR argued this was a single sale by CIC to avoid higher corporate tax rates. 3) The CTA and CA ruled in favor of the Estate, finding no evidence of fraud by CIC to intentionall

Author

Jopan SJ

Language

EN