Practice question
A taxpayer receives a valid assessment under Section 195 but files no written protest within sixty days. What consequence does the provision state?
- Automatic cancellation of the deficiency
- Automatic extension for another sixty days
- Mandatory refund without payment
- Transfer of the assessment to the taxpayer’s bank
- The assessment becomes final and executory
Legal references
- RA7160, Section195: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
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