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SMI-ED Philippines Technology, Inc. vs. CIR

SMI-ED PHILIPPINES TECHNOLOGY, INC., petitioner, vs. COMMISSIONER OF INTERNAL REVENUE, respondent.

C.T.A. Case No. 6532 | 2004-12-29

SECOND DIVISION
D E C I S I O N

CASTANEDA, JR., J p:

This case involves a claim for refund in the amount of P44,677,500.00 allegedly representing the erroneously paid five (5%) final tax upon the sale of the petitioner's factory and other buildings including the machinery and equipment installed therein pursuant to Republic Act No. 7916.

The antecedent facts of the case are as follows:

Petitioner is a corporation duly organized and existing under Philippines laws, with principal office address at First Philippine Industrial Park, Barangay Sta. Anastacia, Sto. Tomas Batangas, and is registered with the Securities and Exchange Commission...