Practice question
A retiring business has paid PHP20,000 for the current year. Its tax properly computed on actual current-year gross sales is PHP35,000. What does 145 require before official retirement?
- Automatic refund of PHP35,000.
- No reconciliation under any circumstances.
- Payment of the entire lifetime sales revenue.
- Payment of the PHP15,000 difference.
- Transfer of the business to the mayor.
Legal references
- RA7160, LGC Sections139,145-146,150,157-163 and252-253: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
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