Facts: On June 5, 1997, Solidbank Corporation (Solidbank) extended a foreign currency denominated loan to Luzon Hydro Corporation (LHC), in the principal amount of US$123,780,000.00. With the agreement that LHC is bound to shoulder all the corresponding taxes, as well as the filing of tax returns and remittance of the taxes withheld to the BIR.Continue reading “Metropolitan Bank & Trust Company vs The Commissioner of Internal Revenue G.R. No. 182582 April 17, 2017”
Tag Archives: Tax Refund
RHOMBUS ENERGY, INC. V. CIR
FACTS: On April 17, 2006, respondent filed its Annual Income Tax Return (“ITR”) for taxable year 2005. Said Annual ITR indicated, among others, the excess creditable withholding tax (“CWT”) for the year 2005 in the amount P1,500,653.00 was “To be refunded” to it by the CIR. Rhombus reiterated this excess credit from the previous yearContinue reading “RHOMBUS ENERGY, INC. V. CIR”
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