Practice question
Does current58(E) categorically forbid credit for withholding from a previous period solely because a later calendar or fiscal year is involved?
- Yes; every prior-period credit automatically disappears at midnight on December31.
- No; it expressly addresses later credit subject to the stated reporting condition and applicable rules.
- No; because any unproved number may be credited forever.
- Yes; only withholding made on the last day of the current year can count.
- No; because final taxes automatically become creditable by age.
Legal references
- NIRC Sections57-58,105-106 and110: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA11976, Sections9-10, current NIRC58(E) credit/refund conditions and trust-fund rule: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
- CIR v. Smart Communications, G.R.Nos.179045-46, August25,2010, main decision: https://lawphil.net/judjuris/juri2010/aug2010/gr_179045-46_2010.html
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