Friday 14 December, 2018
Powered by Ajaxy

CTA cancels Piatco’s P3M back taxes for 2011

Sharing is caring!

The Court of Tax Appeals (CTA) has cancelled the government’s P3.17-million deficiency tax assessment against Philippine International Air Terminals Co., Inc. (Piatco) for the year 2011.

In a recent 15-page decision, the CTA 2nd Division cited the lack of a letter of authority (LOA) authorizing the Bureau of Internal Revenue’s (BIR) investigation into Piatco’s books that uncovered its alleged undeclared income.

The tax court noted that the assessments for income and value-added taxes arose only from an undated letter notice.

“Thus, for lack of an LOA, the tax assessments for deficiency income tax and VAT for taxable year 2011 are void,” read the decision penned by Associate Justice Catherine Manahan.

Copyright © 2018 Abogado - Latest News in the Philippines