BIR loses P1.4-billion tax case vs Medical City
In a 24-page decision, the court’s Second Division stated that the three-year prescriptive period had already elapsed when the BIR issued a Letter of Authority to investigate in 2012 so that it could collect deficiency income and value-added taxes from the Professional Services, Inc.
The BIR said PSI escaped from paying correct taxes by declaring the transaction as the sale of capital asset , and paid only the lower capital gains and documentary taxes, instead as ordinary asset subject to the higher income tax and VAT. But PSI pointed out that the lot was sold as capital asset as it was not into parking but hospital business.
“Petitioner literally laid its cards on the table for the BIR to examine its documents. It did not conceal the sale of the subject property, as well as the leasing prior to its sale,” the court added.
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