FMata Accounting Services

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SC invalidates BIR circular levying taxes imposed on condo unit owners’ dues, charges The Supreme Court (SC) has invalidated a Bureau of Internal Revenue (BIR) circular that imposes a 12 per cent value-added tax (VAT) and 32 per cent income tax on association dues, membership fees and other charges collected by condominium corporations from its members and tenants.

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BIR losses P46M in careless assessment The Court of Tax Appeals (CTA) has upheld the petition of a merchandising company protesting the more than P46 million deficiency tax assessment imposed by the Bureau of Internal Revenue (BIR) for the latter's failure to include in the assessment notice the due date of the payment.