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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

XingTech Solutions, Inc., a domestic corporation, filed its 2018 corporate income tax return on June 1, 2019 (the due date was April 15, 2019). On March 20, 2023, the BIR issued a Notice of Deficiency for 2018 taxes. The taxpayer timely filed a protest within 30 days after receipt of the Notice (April 19, 2023). (a) Identify the prescriptive period for the BIR to assess deficiency taxes in this scenario. (b) Determine whether the March 20, 2023 assessment is timely or prescribed, showing your calculations. (c) If XingTech Solutions, Inc. had not timely filed a protest within 30 days after receipt (e.g., protest filed on May 20, 2023), would prescription be interrupted? Explain.

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Prescriptive period is three years from the date the return was filed (June 1, 2019), ending June 1, 2022; The March 20, 2023 deficiency assessment is prescribed; A timely protest within 30 days would interrupt prescription only if filed before the end date. Prescriptive period is three years from the date the return was filed (June 1, 2019), ending June 1, 2022; The March 20, 2023 deficiency assessment is prescribed; A timely protest within 30 days would interrupt prescription only if filed before June 1, 2022. Prescriptive period is three years from the date the deficiency arises (the Notice date), ending March 20, 2026; The March 20, 2023 deficiency assessment is timely, and a timely protest would interrupt prescription. Prescriptive period is three years from the date the deficiency arises (the Notice date), ending March 20, 2026; A timely protest would automatically restart the period.

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