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Republic of the Phil., vs. Pacific Exchange Corporation

REPUBLIC OF THE PHILIPPINES, plaintiff-appellant, vs. PACIFIC EXCHANGE CORPORATION, defendant-appellee.

G.R. No. L-22735 | 1975-10-30

D E C I S I O N

CONCEPCION, JR., J:

Appeal taken by the plaintiff from the decision of the Court of First Instance of Manila ordering the defendant to pay the plaintiff the sum of P21,408.61, representing the 17% special excise tax on foreign exchange earned by defendant's branch offices abroad.

The defendant Pacific Exchange Corporation is a domestic corporation engaged in the indent order business and in the importation and exportation of merchandise. To secure the best prices, the defendant maintained branch offices in New York City, City of San Francisco, U.S.A., Tokyo, Japan, and London, England. These branch offices earned foreign...