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Tax Evasion Case: Estate of Benigno Toda by Jf Maneja is a document available to read on EtoBox.

What is Tax Evasion Case: Estate of Benigno Toda about?

This case involves a tax dispute over the sale of property by Cibeles Insurance Corporation (CIC) in 1989. CIC reported the sale to Rafael Altonaga for P100 million, and he immediately resold to Royal Match Inc. for P200 million. The Commissioner argued this was a sham transaction to evade higher corporate income taxes. The Court ruled it was a case of tax evasion, not avoidance. The assessment period had also not expired. As the owner of CIC, the Estate of Benigno Toda was liable for CIC

Author

Jf Maneja

Language

EN