Practice question
A special-law incentive produced a credit without any actual tax payment. The holder demands a cash refund solely under Section 204(C). Which statutory limit is relevant?
- The provision does not permit cash refund of such special-law incentive credits when no actual payment occurred
- Every incentive must become cash immediately
- A credit always proves cash payment
- Private assignment removes every restriction
- Section 204(C) has no limitation
Legal references
- RA11976, Sections31-32, current NIRC204(C) and229: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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