24 of NIRC.ĭEF Corporation is a wholly owned subsidiary of DEF, Inc., California, USA. (B) As a tax consultant, I would advise him to demand the application of the 5-32% tax scale instead of the fixed rate of 35% which applies only to domestic corporations as provided by Sec. The correct rate is based on the 5-32% tax scale which is applicable to individuals (Sec. However, the assessment of 35% is incorrectly imposed. (A) The BIR officer correctly disallowed the credit of the final tax of P1.2 million against the net income tax, which is subject to deductions. (B) If you were hired by Manalo as his tax consultant, what advice would you give him to protect his interest? Explain. (A) Is the BIR officer’s tax assessment correct? Explain. Manalo consulted a real estate broker who said that the P1.2 million capital gains tax should be credited from the P1.75 million deficiency income tax. After the tax audit conducted in 2007, the BIR officer assessed Manalo for deficiency income tax computed as follows: P5 million (P20 million less P15 million) x 35% = P1.75 million, without the capital gains tax being allowed as tax credit. Since Manalo did not derive any ordinary income, no income tax return was filed by him for 2006. On February 9, 2006, Manalo filed the capital gains tax return and paid P1.2 million representing 6% capital gains tax. On January 10, 2006, he sold said real property to Juan Mayaman, another Filipino citizen residing in Quezon City, for P20 million. Pedro Manalo, a Filipino Citizen residing in Makati City, owns a vacation house and lot in San Francisco, California, USA, which he acquired in 2000 for P15 million. (B) As a tax lawyer, I raise the defense that there is no valid assessment because EDS Corporation did not receive a demand letter from the BIR which is required by law. However, an assessment notice must be accompanied by a demand letter from the BIR in order to result in valid.
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(A) An assessment notice is a computation prepared by the BIR of the alleged unpaid taxes, plus interests, penalties or surcharges, if any. (B) As tax lawyer of EDS Corporation, what legal defense(s) would you raise against the assessment? Explain. (A) What is an assessment notice? What are the requisites of a valid assessment? Explain. The registered letter, was received by the EDS Corporation on April 25, 2007.
After examining the books and records of EDS Corporation, the 2004 final assessment notice, showing basic tax of P1,000,000 deficiency interest of P400,000 and due date for payment of April 30, 2007, but without the demand letter, was mailed and released by the BIR on April 15, 2007.
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