Philippines Court Holds Period to Issue Additional Assessment may not be Extended without Sufficient Proof of Fraud

The Philippine Court of Tax Appeals recently issued a decision on whether the Philippine Bureau of Internal Revenue (BIR) can impose an additional assessment after the expiry of the standard three-year period following the submission of a tax return. The case involved a Yamaha distributor, Norkis Trading Co. Inc., which was issued an additional assessment of approximately PHP 286 million (~USD…
Continue Reading