MERGERS and acquisitions are like marriages. They are often characterized by two entities agreeing to pool their resources and, in one way or another, become one. As one entity's liabilities become the liabilities of the other, so do the assets.
MERGERS and acquisitions are like marriages. They are often characterized by two entities agreeing to pool their resources and, in one way or another, become one. As one entity's liabilities become the liabilities of the other, so do the assets. While the possibility of absorbing liabilities often deters the faint-hearted, it should be noted that there are perks, too.
The cancellation will be signified by the issuance of a tax clearance by the BIR following the full settlement of tax liabilities related to the cessation of business or change in the taxpayer's status.The surviving corporation filed a request for reconsideration with the Commissioner of Internal Revenue, which was denied. Thereafter, it filed a petition for review with the CTA.
Two Become One: Understanding Post-Merger VAT Claims
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