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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

BrightEdge Tech, Inc., a domestic corporation, filed its 2019 corporate income tax return on May 20, 2020 (the due date was April 15, 2020). On February 1, 2023, the BIR issued a Notice of Deficiency for 2019 taxes. The taxpayer timely filed a protest within 30 days after receipt on March 2, 2023. (a)Identify the prescriptive period for the BIR to assess deficiency taxes in this scenario. (b)Determine whether the February 1, 2023 assessment is timely or prescribed, showing your calculations. (c)If BrightEdge Tech, Inc. had not timely filed a protest within 30 days after receipt (e.g., protest filed on March 15, 2023), would prescription be interrupted? Explain.

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Prescriptive period ends May 20, 2023; the assessment is timely; however, prescription cannot be interrupted by a protest filed within 30 days if the BIR already determined deficiency. Prescriptive period ends May 20, 2023; the February 1, 2023 assessment is timely; because the protest was timely (March 2, 2023), prescription is interrupted and restarts after the protest is resolved. Prescriptive period ends May 20, 2023; the assessment is timely; if a fraud allegation later arises, prescription would still be considered indefinite. Prescriptive period ends May 20, 2023; the February 1, 2023 assessment is prescribed, since the 3-year period has lapsed by May 20, 2023; the protest within 30 days is irrelevant.

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