Practice question
A taxpayer requests reinvestigation of a local business-tax assessment and executes a written waiver before the assessment or collection period expires. What is the effect described in section 194(d)(2)?
- The tax is automatically cancelled
- The request creates permanent immunity
- The waiver transfers the debt to the mayor
- The tax becomes real property tax
- The running of prescription is suspended for the statutory period of suspension
Legal references
- https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html — RA 7160, section 194, periods of assessment and collection
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