Practice question
Goods have remained on consignment for 45 days without an actual sale. The collector invokes only the sixty-day trigger and says it has already elapsed. No other taxable event is alleged. Which is best?
- Forty-five days is legally identical to sixty.
- Every unsold consignment triggers that timing rule on its first day.
- The consignee's nationality changes the period to one day.
- The rule requires a one-year wait in every case.
- Forty-five days alone does not satisfy the stated sixty-day timing condition.
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
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