Court junks P516-M tax assessment against handicraft exporter

The court’s Second Division said the Final Assessment Notice issued to Kultura Store Inc. of SM Corporate Bldg. Office, Pasay City failed to include the date when the tax liabilities should be remitted.

Citing a Supreme Court resolution on a similar issue, the court said the date on the payment of deficiency taxes is crucial as it signals the start of the imposition of penalties, surcharges, and interests.The assessment covered income, value-added, expanded withholding and improper accumulated earnings taxes for 2010.The 33-page decision was written by Associate Justice Antonio Castaneda, Jr.

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