CTA affirms canceled tax assessment on shipping company - BusinessWorld Online

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The Court of Tax Appeals (CTA) affirmed the cancellation of the tax assessment on NYK-FILJAPAN Shipping Corp. worth P25.45 million, including interests and penalties for the fiscal year 2007. READ:

In a 16-page decision on July 7 and made public on July 15, the CTA en banc upheld its third division’s ruling, which found that the revenue officers who continued the audit of the company’s accounting books were not authorized through a letter of authority .

“This court has consistently held that a revenue officer tasked to examine a taxpayer’s books must be authorized by a LoA; otherwise, the assessment for deficiency taxes resulting therefrom is void,” CTA Associate Justice Jean Marie A. Bacorro-Villena said in the ruling. Under the country’s tax code, revenue officers assigned to pursue an examination of taxpayers’ deficiency tax liabilities may only be authorized through an LoA issued by a revenue regional director.

Under the Bureau of Internal Revenue’s rules, “any reassignment/transfer of cases to another revenue officer shall require the issuance of a new LoA.”

 

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