CHEMICAL Industries of the Philippines, Inc. (CIP) reported on Monday that it filed a petition for review with the Court of Tax Appeals against the commissioner of internal revenue.
The petition is pursuant to Rule 8, Section 3(a) and in relation to Rule 4, Section 3(a)(1) of the Revised Rules of the Court of Tax Appeals.
Rule 4, Section 3(a)(1) says that the appellate court in division is to exercise jurisdiction to review by appeal the decisions of the commissioner in cases involving disputed assessments, refunds of internal revenue taxes, fees or other charges, and penalties, among others.
Meanwhile, Rule 8, Section 3(a) says that a party adversely affected by a decision of the commissioner may file a petition for review within 30 days after the receipt of the decision.
The said party may also file a petition for review within the two-year period prescribed by law from payment or collection of the taxes in case of the commissioner’s inaction on the claims.
“The petition seeks to cancel, annul, reverse and set aside the Commissioner of Internal Revenue’s final decision on disputed assessment which denied the corporation’s protest dated January 27, 2017,” the company said in a disclosure to the stock exchange.
The said decision assessed the company for deficiency income tax and value-added tax covering the taxable year 2013 for a total P25.35 million.
The company is the parent to CAWC, lnc., Chemphil Manufacturing Corp., and Kemwater Phil. Corp.
The group is primarily engaged in the manufacture, sale, and distribution of industrial chemicals and leasing of office space to related and outside parties.
On the stock market on Monday, CIP shares closed unchanged at P125.00 apiece. — Justine Irish D. Tabile