Court junks P516-M tax assessment against handicraft exporter 0 SHARES Share it! Share TweetBy Jun RamirezThe Court of Tax Appeals (CTA) has invalidated the P516 million deficiency tax assessment imposed by the Bureau of Internal Revenue (BIR) against an exporter of Philippine arts and handicraft. The court’s Second Division said the Final Assessment Notice (FAN) issued to Kultura Store Inc. of SM Corporate Bldg. Citing a Supreme Court resolution on a similar issue, the court said the date on the payment of deficiency taxes is crucial as it signals the start of the imposition of penalties, surcharges, and interests. The assessment covered income, value-added, expanded withholding and improper accumulated earnings taxes for 2010.

Source: Manila Bulletin November 17, 2019 02:48 UTC