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kompoz [17]
3 years ago
13

Due to an uncertainty whether or not a new tax is applicable to printing companies, ABC Printers submitted a legal query to the

Bureau of Internal Revenue on that issue. The BIR issued a ruling that printing companies are not covered by the new law. Relying on this ruling, ABC Printers did not pay said tax. Subsequently, however, the BIR reversed the ruling and issued a new one stating that the tax covers printing companies. Could the BIR now assess ABC Printers for back taxes corresponding to the years before the new ruling?
Business
1 answer:
liubo4ka [24]3 years ago
8 0

Answer:

No, a reversal of a ruling shall not be given a retroactive application if it will be prejudicial to the taxpayer.

Explanation:

Based on the information provided it can be said that No, a reversal of a ruling shall not be given a retroactive application if it will be prejudicial to the taxpayer. Meaning that the BIR can not assess ABC Printers for back taxes because ABC Printers was following the rulings made by BIR at that time correctly, the change in ruling applies to taxes only after the change has been made and not before. Therefore as long as ABC Printers begins paying taxes now, then the BIR has no standing.

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Susan is working with the management team in her company to classify data in an attempt to apply extra security controls that wi
Olegator [25]

Answer:

C. Confidentiality

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3 years ago
How would a decrease in the price of the feed grains used to feed cattle affect the market for beef? a. The demand for beef woul
denis23 [38]

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5 0
3 years ago
There are 66 employees in a certain firm. We know that 40 of these employees are​ male, 6 of these males are​ secretaries, and 1
GrogVix [38]
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6 0
3 years ago
Brief Exercise 12-05 Nabb & Fry Co. reports net income of $31,000. Interest allowances are Nabb $7,000 and Fry $5,000, salar
il63 [147K]

Answer:

The calculation is shown below:

Explanation:

The distribution of income is shown below:

Particulars           Nate Frank Total

Interest Allowance $7,000 $5,000 $12,000

Salary Allowance $15,000 $10,000 $25,000

Total                        $22,000  $15,000  $37,000

Remainder (Equally) ($3,000)  ($3,000) ($6,000)

Net Income                $19,000  $12,000  $31,000

The remainder amount is come from

= $37,000 - $31,000

= $6,000

We simply added the interest allowance and the salary allowance and then deducted the remaining income so that the net income could come

8 0
3 years ago
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