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What is Challenge to Minimum Corporate Income Tax about?

This decision addresses the constitutionality of the minimum corporate income tax (MCIT) and creditable withholding tax (CWT) on real property sales. The Court summarizes that (1) petitioner challenges the MCIT and CWT provisions, arguing they violate due process and equal protection; (2) the assailed provisions impose a 2% MCIT on corporations beginning in their 4th year of operation if it exceeds normal tax, and require CWT based on gross selling price of real properties classified as ordinary assets; and

Author

Mark Lord Morales Bumagat

Language

EN