BIR losses

The Bureau of Internal Revenue (BIR) has lost a R700-million tax collection case against a contractor of high-end condominium buildings in Bonifacio Global City, Taguig after the Court of Tax Appeals nullified the deficiency assessment notice issued to the latter for sending it late or beyond the three-year prescriptive period.

The Court's Second Division rejected the plea of the BIR that the 10-year prescriptive period should have been applied to the case of G and W Architects Engineers and Project Consultant Company for filing of fraudulent returns for 2007.

In a 33-page resolution, the court noted that the preliminary and final assessment