THE Supreme Court (SC) has canceled Prime Steel Mill, Inc.’s deficiency income tax liabilities worth P37.68 million inclusive of interest and penalties for 2005.
PHILSTAR FILE PHOTO
In a 10-page decision made public on Dec. 16, 2022, the SC Third Division said the Bureau of Internal Revenue prematurely filed the final tax assessment notice before the firm could file its reply. Under the law, taxpayers are given 15 days to reply to a preliminary assessment and dispute their tax liabilities.
The High Court noted the period given to a taxpayer to reply should not be ignored since it allows a settlement of the dispute without the need for a final notice.
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