Ê
Ê
c# u Ê
On June 22, 1965, petitioners boug t two (2) parcels of land from Santiago Bernardino,
et al. and on May 28, 1966, t ey boug t anot er t ree (3) parcels of land from Juan
Roque. j e first two parcels of land were sold by petitioners in 1968 toMarenir
Development Corporation, w ile t e t ree parcels of land were sold by petitioners to
Erlinda Reyes and Maria Samson on Marc 19,1970. Petitioners realized a net profit in
t e sale made in 1968 in t e amount of P165,224.70, w ile t ey realized a net profit of
P60,000.00 in t e sale made in 1970. j e corresponding capital gains taxes were paid
by petitioners in 1973 and 1974 by availing of t e tax amnesties granted in t e said
years. Ê
However, in a letter dated Marc 31, 1979 of t en Acting BIR Commissioner Efren I.
Plana, petitioners were assessed and required to pay a total amount of P107,101.70 as
alleged deficiency corporate income taxes for t e years 1968 and 1970. Ê
D. IN RULING jHAj jHE jAX AMNESjY DID NOj RELIEVE jHE PEjIjIONERS
FROM PAYMENj OF OjHER jAXES FOR jHE PERIOD COVERED BY SUCH
AMNESjY. (pp. 12-13, Rollo.) Ê
j e petition is meritorious. Ê
In t e said case, petitioners borrowed a sum of money from t eir fat er w ic toget er
wit t eir own personal funds t ey used in buying several real properties. j ey
appointed t eir brot er to manage t eir properties wit full power to lease, collect, rent,
issue receipts, etc. j ey ad t e real properties rented or leased to various tenants for
several years and t ey gained net profits from t e rental income. j us, t e Collector of
Internal Revenue demanded t e payment of income tax on a corporation, among
ot ers, from t em. Ê
In resolving t e issue, t is Court eld as follows: Ê
Pursuant to t is article,
!
"
!
. j e first element is undoubtedly present
in t e case at bar, for, admittedly, petitioners ave agreed to, and did, contribute money
and property to a common fund. #
. Upon consideration of all t e facts and circumstances surrounding t e case,
, because: Ê
1.
. It was not a
property in erited by t em pro indiviso. j ey . W at is more t ey
jointly borrowed a substantial portion t ereof in order to establis said common fund. Ê
2. j ey
!
.
On February 2, 1943, t ey boug t a lot for P100,000.00. On April 3, 1944, t ey
purc ased 21 lots for P18,000.00. j is was soon followed, on April 23, 1944, by t e
acquisition of anot er real estate for P108,825.00. Five (5) days later (April 28, 1944),
t ey got a fourt lot for P237,234.14.
! $% &
'
!
!
& !
( !)*%+,
!
! !
Ê
5.
)- , or, to be exact,
over fifteen (15) years, since t e first property was acquired, and over twelve (12) years,
since Simeon Evangelists became t e manager. Ê
6. Petitioners ave not testified or introduced any evidence, eit er on t eir purpose in
creating t e set up already adverted to, or on t e causes for its continued existence.
j ey did not even try to offer an explanation t erefor. Ê
Alt oug , taken singly, t ey mig t not suffice to establis t e intent necessary to
constitute a partners ip,
!
!
D
. Ê
In t e instant case, petitioners boug t two (2) parcels of land in 1965. j ey did not sell
t e same nor make any improvements t ereon. In 1966, t ey boug t anot er t ree (3)
parcels of land from one seller. It was only 1968 w en t ey sold t e two (2) parcels of
land after w ic t ey did not make any additional or new purc ase. j e remaining t ree
(3) parcels were sold by t em in 1970. j e transactions were isolated. j e c aracter of
abituality peculiar to business transactions for t e purpose of gain was not present.Ê
In O
, t e properties were leased out to tenants for several years. j e
business was under t e management of one of t e partners. Suc condition existed for
over fifteen (15) years. None of t e circumstances are present in t e case at bar. j e
co-owners ip started only in 1965 and ended in 1970. Ê
(2) Co-owners ip or co-possession does not itself establis a partners ip, w et er suc
co-owners or co-possessors do or do not s are any profits made by t e use of t e
property; Ê
(3) j e s aring of gross returns does not of itself establis a partners ip, w et er or not
t e persons s aring t em ave a joint or common rig t or interest in any property from
w ic t e returns are derived;Ê
!
/
,
!
!
!
!
!
Persons w o contribute property or funds for a common enterprise and agree to s are
t e gross returns of t at enterprise in proportion to t eir contribution, but w o severally
retain t e title to t eir respective contribution, are not t ereby rendered partners. j ey
ave no common stock or capital, and no community of interest as principal proprietors in
t e business itself w ic t e proceeds derived. (Elements of t e Law of Partners ip by
Flord D. Mec em 2nd Ed., section 83, p. 74.) Ê
A joint purc ase of land, by two, does not constitute a co-partners ip in respect t ereto;
nor does an agreement to s are t e profits and losses on t e sale of land create a
partners ip; t e parties are only tenants in common. (Clark vs. Sideway, 142 U.S. 682,12
Ct. 327, 35 L. Ed., 1157.) Ê
W ere plaintiff, is brot er, and anot er agreed to become owners of a single tract of
realty, olding as tenants in common, and to divide t e profits of disposing of it, t e
brot er and t e ot er not being entitled to s are in plaintiffs commission, no partners ip
existed as between t e t ree parties, w atever t eir relation may ave been as to t ird
parties. (Magee vs. Magee 123 N.E. 673, 233 Mass. 341.) Ê
,
!
"!
!
"
! '
!
.0
1
#
)2-1)-342-,,,%4-
SO ORDERED. Ê
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Ê
j ese are t e main questions raised in t e Petition for Review on before us,
assailing t e October 11, 1993 Decision of t e Court of Appeals in CA-GR SP 25902,
w ic dismissed petitioners' appeal of t e October 19, 1992 Decision of t e Court of
ü
jax Appeals (CjA) w ic ad previously sustained petitioners' liability for deficiency
income tax, interest and wit olding tax. j e Court of Appeals ruled:Ê
D
WHEREFORE, t e petition is DISMISSED, wit costs against petitioner Ê
-
j e petition also c allenges t e November 15, 1993 Court of Appeals (CA) Resolution
denying reconsideration.Ê
(Ê
j e antecedent facts,Ê as found by t e Court of Appeals, are as follows:Ê
On April 14, 1976, t e pool of mac inery insurers submitted a financial statement and
filed an "Information Return of Organization Exempt from Income jax" for t e year
ending in 1975, on t e basis of w ic it was assessed by t e Commissioner of Internal
Revenue deficiency corporate taxes in t e amount of P1,843,273.60, and wit olding
taxes in t e amount of P1,768,799.39 and P89,438.68 on dividends paid to Munic and
to t e petitioners, respectively. j ese assessments were protested by t e petitioners
t roug its auditors Sycip, Gorres, Velayo and Co.Ê
===========Ê
to 4/15/79 545,193.60Ê
²²²²²²Ê
COLLECjIBLEÊ
²²²²²²Ê
Compromise penalty-Ê
²²²²²²Ê
COLLECjIBLE ===========Ê
Dividend paid to Pool Members P655,636.00Ê
===========Ê
Compromise penalty-Ê
²²²²²²Ê
COLLECjIBLE =========== Ê
, Ê
9
Ê
j e petition is devoid of merit. We sustain t e ruling of t e Court of Appeals t at t e
pool is taxable as a corporation, and t at t e government's rig t to assess and collect
t e taxes ad not prescribed.Ê
(, :Ê
1!
Ê
[I]t as been t e long standing policy and practice of t is Court to respect t e conclusions
of quasi-judicial agencies, suc as t e Court of jax Appeals w ic , by t e nature of its
functions, is dedicated exclusively to t e study and consideration of tax problems and as
necessarily developed an expertise on t e subject, unless t ere as been an abuse or
3
improvident exercise of its aut ority. Ê
(A) ,
. ² Except as ot erwise provided in t is Code, an income tax of t irty-five
percent (35%) is ereby imposed upon t e taxable income derived during eac taxable
year from all sources wit in and wit out t e P ilippines by every corporation, as defined
in Section 22 (B) of t is Code, and taxable under t is jitle as a corporation . . . .Ê
j us, t e Court in O
,
eld t at Section 24
covered t ese unregistered partners ips and even associations or joint accounts, w ic
ad no legal personalities apart from t eir individual members. j e Court of Appeals
ü
astutely applied O
. Ê
. . . Accordingly, a pool of individual real property owners dealing in real estate business
was considered a corporation for purposes of t e tax in sec. 24 of t e jax Code in
O
,
. j e Supreme Court said:Ê
(3) jrue, t e pool itself is not a reinsurer and does not issue any insurance policy;
owever, its work is indispensable, beneficial and economically useful to t e business of
t e ceding companies and Munic , because wit out it t ey would not ave received
t eir premiums. j e ceding companies s are "in t e business ceded to t e pool" and in
-
t e "expenses" according to a "Rules of Distribution" annexed to t e Pool Agreement.
Profit motive or business is, t erefore, t e primordial reason for t e pool's formation. As
aptly found by t e CjA:Ê
. . . j e fact t at t e pool does not retain any profit or income does not obliterate an
antecedent fact, t at of t e pool being used in t e transaction of business for profit. It is
apparent, and petitioners admit, t at t eir association or coaction was indispensable [to]
t e transaction of t e business, . . . If toget er t ey ave conducted business, profit must
ave been t e object as, indeed, profit was earned. j oug t e profit was apportioned
among t e members, t is is only a matter of consequence, as it implies t at profit actually
resulted. Ê
j e petitioners' reliance on 1
is misplaced, because t e
facts obtaining t erein are not on all fours wit t e present case. In 1, t ere was
no unregistered partners ip, but merely a co-owners ip w ic took up only two isolated
transactions. j e Court of Appeals did not err in applying O
, w ic involved
a partners ip t at engaged in a series of transactions spanning more t an ten years, as
in t e case before us.Ê
, :Ê
19
! Ê
Petitioners are clutc ing at straws. Double taxation means taxing t e same property
twice w en it s ould be taxed only once. j at is, ". . . taxing t e same person twice by
ü-
t e same jurisdiction for t e same t ing" In t e instant case, t e pool is a taxable
entity distinct from t e individual corporate entities of t e ceding companies. j e tax on
its
is obviously different from t e tax on t e
received by t e said
companies. Clearly, t ere is no double taxation ere.Ê
Under its pool arrangement wit t e ceding companies; Munic s ared in t eir income
ü D3
and loss. j is is manifest from a reading of Article 3 and 10 of t e Quota-S are
D D
Reinsurance treaty and Articles 3 and 10 of t e Surplus Reinsurance jreaty. j e
foregoing interpretation of Section 24 (b) (1) is in line wit t e doctrine t at a tax
exemption must be construed / and t e statutory exemption claimed
D
must be expressed in a language too plain to be mistaken. Ê
, :Ê
1
Ê
Petitioners also argue t at t e government's rig t to assess and collect t e subject tax
ad prescribed. j ey claim t at t e subject information return was filed by t e pool on
April 14, 1976. On t e basis of t is return, t e BIR telep oned petitioners on November
11, 1981, to give t em notice of its letter of assessment dated Marc 27, 1981. j us,
t e petitioners contend t at t e five-year statute of limitations t en provided in t e NIRC
ad already lapsed, and t at t e internal revenue commissioner was already barred by
D-
prescription from making an assessment. Ê
Furt ermore, petitioners admitted in t eir Motion for Reconsideration before t e Court of
Appeals t at t e pool c anged its address, for t ey stated t at t e pool's information
return filed in 1980 indicated t erein its "present address." j e Court finds t at t is falls
s ort of t e requirement of Section 333 of t e NIRC for t e suspension of t e
prescriptive period. j e law clearly states t at t e said period will be suspended only "if
t e taxpayer informs t e Commissioner of Internal Revenue of any c ange in t e
address."Ê
=1
5. 77
Ê
17 BOAC is a 100% Britis Government-owned corporation organized and existing under
t e laws of t e United Kingdom It is engaged in t e international airline business and is a
member-signatory of t e Interline Air jransport Association (IAjA). As suc it operates air
transportation service and sells transportation tickets over t e routes of t e ot er airline
members. During t e periods covered by t e disputed assessments, it is admitted t at BOAC
ad no landing rig ts for traffic purposes in t e P ilippines, and was not granted a Certificate of
public convenience and necessity to operate in t e P ilippines by t e Civil Aeronautics Board
(CAB), except for a nine-mont period, partly in 1961 and partly in 1962, w en it was granted a
temporary landing permit by t e CAB. Consequently, it did not carry passengers and/or cargo to
or from t e P ilippines, alt oug during t e period covered by t e assessments, it maintained a
general sales agent in t e P ilippines Warner Barnes and Company, Ltd., and later Qantas
Airways w ic was responsible for selling BOAC tickets covering passengers and cargoes.
[ 511
8
[
1
8
BOAC was assessed deficiency income taxes, interests, and penalty for t e fiscal years
1968-1969 to 1970-1971 and t e additional amounts of P1,000.00 and P1,800.00 as
compromise penalties for violation of Section 46 (requiring t e filing of corporation returns).
BOAC requested t at t e assessment be countermanded and set aside. CIR not only denied
t e BOAC request for refund in t e First Case but also re-issued in t e Second Case t e
deficiency income tax assessment in t e second case.
Case was t en jointly tried. t e jax Court rendered t e assailed joint Decision reversing t e
CIR. j e jax Court eld t at t e proceeds of sales of BOAC passage tickets in t e P ilippines
by Warner Barnes and Company, Ltd., and later by Qantas Airways, during t e period in
question, do not constitute BOAC income from P ilippine sources "since no service of carriage
of passengers or freig t was performed by BOAC wit in t e P ilippines" and, t erefore, said
income is not subject to P ilippine income tax. j e CjA position was t at income from
transportation is income from services so t at t e place w ere services are rendered
determines t e source. j us, in t e dispositive portion of its Decision, t e jax Court ordered
petitioner to credit BOAC wit t e sum of P858,307.79, and to cancel t e deficiency income tax
assessments against BOAC in t e amount of P534,132.08 for t e fiscal years 1968-69 to 1970-
71.
11%
917 ):
:
:
6
%
56
& 456
14
(551: 6
1
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5;&1 45 [( 8 <= 10
1 < 5
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1 5 :
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145 ;:50
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071. Yes. It is our considered opinion t at BOAC is a resident foreign corporation. j ere is
no specific criterion as to w at constitutes "doing" or "engaging in" or "transacting" business.
Eac case must be judged in t e lig t of its peculiar environmental circumstances. j e term
implies a continuity of commercial dealings and arrangements, and contemplates, to t at extent,
t e performance of acts or works or t e exercise of some of t e functions normally incident to,
and in progressive prosecution of commercial gain or for t e purpose and object of t e business
organization. "In order t at a foreign corporation may be regarded as doing business wit in a
State, t ere must be continuity of conduct and intention to establis a continuous business,
suc as t e appointment of a local agent, and not one of a temporary c aracter.
"Gross income" includes gains, profits, and income derived from salaries, wages or
compensation for personal service of w atever kind and in w atever form paid, or from
profession, vocations, trades, business, commerce, sales, or dealings in property, w et er real
or personal, growing out of t e owners ip or use of or interest in suc property; also from
interests, rents, dividends, securities, or t e transactions of any business carried on for gain or
profile, or gains, profits, and income derived from any source w atever (Sec. 29[3]).
jrue, Section 37(a) of t e jax Code, w ic enumerates items of gross income from
sources wit in t e P ilippines, namely: (1) interest, (21) dividends, (3) service, (4) rentals and
royalties, (5) sale of real property, and (6) sale of personal property, does not mention income
from t e sale of tickets for international transportation. However, t at does not render it less an
income from sources wit in t e P ilippines. Section 37, by its language, does not intend t e
enumeration to be exclusive. It merely directs t at t e types of income listed t erein be treated
as income from sources wit in t e P ilippines. A cursory reading of t e section will s ow t at it
does not state t at it is an all-inclusive enumeration, and t at no ot er kind of income may be so
considered.
Ê
#ÊÊÊ Ê$
1
17Marubeni Corporation of Japan as equity investments in AG&P of Manila. For t e first
quarter of 1981 ending Marc 31, AG&P declared and paid cas dividends to petitioner in t e
amount of P849,720 and wit eld t e corresponding 10% final dividend tax t ereon. Similarly,
for t e t ird quarter of 1981 ending September 30, AG&P declared and paid P849,720 as cas
dividends to petitioner and wit eld t e corresponding 10% final dividend tax t ereon.
AG&P directly remitted t e cas dividends to petitioner's ead office in jokyo, Japan, net not
only of t e 10% final dividend tax in t e amounts of P764,748 for t e first and t ird quarters of
1981, but also of t e wit eld 15% profit remittance tax based on t e remittable amount after
deducting t e final wit olding tax of 10%.
In a letter dated January 29, 1981, petitioner, t roug t e accounting firm Sycip, Gorres, Velayo
and Company, soug t a ruling from t e Bureau of Internal Revenue on w et er or not t e
dividends petitioner received from AG&P are effectively connected wit its conduct or business
in t e P ilippines as to be considered branc profits subject to t e 15% profit remittance tax
imposed under Section 24 (b) (2) of t e National Internal Revenue Code as amended by
Presidential Decrees Nos. 1705 and 1773.
In t e instant case, t e dividends received by Marubeni from AG&P are not income arising from
t e business activity in w ic Marubeni is engaged. Accordingly, said dividends if remitted
abroad are not considered branc profits for purposes of t e 15% profit remittance tax imposed
by Section 24 (b) (2) of t e jax Code, as amended.
Petitioner claimed for t e refund or issuance of a tax credit of P229,424.40 "representing profit
tax remittance erroneously paid on t e dividends remitted by AG&P to ead office in jokyo. It
was denied.Ê W ile it is true t at said dividends remitted were not subject to t e 15% profit
remittance tax as t e same were not income earned by a P ilippine Branc of Marubeni
Corporation of Japan; and neit er is it subject to t e 10% intercorporate dividend tax, t e
recipient of t e dividends, being a non-resident stock older, nevert eless, said dividend income
is subject to t e 25 % tax pursuant to Article 10 (2) (b) of t e jax jreaty dated February 13,
1980 between t e P ilippines and Japan. j e Commissioner pointed t at inasmuc as t e cas
dividends remitted by AG&P to Marubeni Corporation, Japan is subject to 25 % tax, and t at t e
taxes wit eld of 10 % as intercorporate dividend tax and 15 % as profit remittance tax totals 25
%, t e amount refundable offsets t e liability, ence, not ing is left to be refunded.
Subject to certain exceptions not pertinent ereto, income is taxable to t e person w o earned
it. Admittedly, t e dividends under consideration were earned by t e Marubeni Corporation of
Japan, and ence, taxable to t e said corporation. W ile it is true t at t e Marubeni Corporation
P ilippine Branc is duly licensed to engage in business under P ilippine laws, suc dividends
are not t e income of t e P ilippine Branc and are not taxable to t e said P ilippine branc .
We see no significance t ereto in t e identity concept or principal-agent relations ip t eory of
petitioner because suc dividends are t e income of and taxable to t e Japanese corporation in
Japan and not to t e P ilippine branc .
07It is a resident corporation. Under t e jax Code, a resident foreign corporation is one t at
is "engaged in trade or business" wit in t e P ilippines. Petitioner contends t at precisely
because it is engaged in business in t e P ilippines t roug its P ilippine branc t at it must be
considered as a resident foreign corporation. Petitioner reasons t at since t e P ilippine branc
and t e jokyo ead office are one and t e same entity, w oever made t e investment in AG&P,
Manila does not matter at all. A single corporate entity cannot be bot a resident and a non-
resident corporation depending on t e nature of t e particular transaction involved. Accordingly,
w et er t e dividends are paid directly to t e ead office or coursed t roug its local branc is
of no moment for after all, t e ead office and t e office branc constitute but one corporate
entity, t e Marubeni Corporation, w ic , under bot P ilippine tax and corporate laws, is a
resident foreign corporation because it is transacting business in t e P ilippines.
In ot er words, t e alleged overpaid taxes were incurred for t e remittance of dividend income
to t e ead office in Japan w ic is a separate and distinct income taxpayer from t e branc in
t e P ilippines. j ere can be no ot er logical conclusion considering t e undisputed fact t at
t e investment (totalling 283.260 s ares including t at of nominee) was made for purposes
peculiarly germane to t e conduct of t e corporate affairs of Marubeni Japan, but certainly not
of t e branc in t e P ilippines. It is t us clear t at petitioner, aving made t is independent
investment attributable only to t e ead office, cannot now claim t e increments as ordinary
consequences of its trade or business in t e P ilippines and avail itself of t e lower tax rate of
10 %.
But w ile public respondents correctly concluded t at t e dividends in dispute were neit er
subject to t e 15 % profit remittance tax nor to t e 10 % intercorporate dividend tax, t e
recipient being a non-resident stock older, t ey grossly erred in olding t at no refund was
fort coming to t e petitioner because t e taxes t us wit eld totalled t e 25 % rate imposed by
t e P ilippine-Japan jax Convention pursuant to Article 10 (2) (b).
jo simply add t e two taxes to arrive at t e 25 % tax rate is to disregard a basic rule in taxation
t at eac tax as a different tax basis. W ile t e tax on dividends is directly levied on t e
dividends received, "t e tax base upon w ic t e 15 % branc profit remittance tax is imposed
is t e profit actually remitted abroad."
WHEREFORE, t e questioned decision of respondent Court of jax Appeals dated February 12,
1986 w ic affirmed t e denial by respondent Commissioner of Internal Revenue of petitioner
Marubeni Corporation's claim for refund is ereby REVERSED. j e Commissioner of Internal
Revenue is ordered to refund or grant as tax credit in favor of petitioner t e amount of
P144,452.40 representing overpayment of taxes on dividends received. No costs.
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;56
7
Petitioners are Filipino citizens and employees of Procter and Gamble P ilippines wit
an office located at Ayala Ave. Makati. j e corporation is a subsidiary of P&G based at O io
USA. For t e year 1970 and 1971, petitioners were assigned outside t e P il wit t eir
compensation paid in US dollars. W en t ey filed t eir income tax returns for t e year 1970,
t ey¶ve computed t e tax by applying t e dollar-to-peso conversion based on t e floating rate
provided by t e BIR. However, on 1973, t ey filed an amended tax return using t e par value of
t e peso provided by Sec.40 of RA 265. j ey claim for a refund due to overpayment.
Petitioners argued t at since t e dollar earnings does not fall wit in t e classification of
foreign exc ange transaction; t ere occurred no actual inward remittances t erefore NOj
included in Central Bank Circular No. 289. CB no. 289 provides for specific instances w en t e
par value of t e peso s all not be t e conversion rate. j erefore, t ey can base t eir conversion
using t e par value of t e peso.
7
1) WON petitioner¶s dollar earnings are receipts derived from foreign exc ange
transactions.
2) WON t e proper rate of conversion is t e prevailing free market rate of exc ange.
3) WON petitioners are exempt to pay tax for suc income since t ere were no remittance/
acceptance of t eir salaries in UD Dollars into t e P ilippines.
7
2) Yes. Central Bank Circular no. 289 does not contemplate income tax payments. It s ows
t at t e subject matter involved t erein are exports products, invisibles, receipts of foreign
exc ange, foreign exc ange payments, new foreign borrowing and investments-not ing by way
of income tax .Petitioners erred in concluding t at CB Circ No. 289 does not apply to t em.
j erefore, t e conversion s ould be t e prevailing free market rate of exc ange.
3) No. Even if t ere was no remittance and acceptance of t eir salaries and wages in US
Dollars into t e P ilippines, t ey are still bound to pay t e tax. Petitioners forgot t at t ey are
citizens of t e P ilippines, and t eir income, wit in or wit out, and in t is case w olly wit out or
outside t e P ilippines, are subject to income tax. j e petitions were denied for lack of merit.
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For t e years 1974 to 1976, petitioner (jours Specialists, Inc.) ad derived income from
its activities as a travel agency by servicing t e needs of foreign tourists and travelers
and Filipino "Balikbayans" during t eir stay in t is country. Some of t e services
extended to t e tourists consist of booking said tourists and travelers in local otels for
t eir lodging and board needs; transporting t ese foreign tourists from t e airport to t eir
respective otels, and from t e latter to t e airport upon t eir departure from t e
P ilippines, transporting t em from t eir otels to various embarkation points for local
tours, visits and excursions; securing permits for t em to visit places of interest; and
arranging t eir cultural entertainment, s opping and recreational activities.Ê
In order to ably supply t ese services to t e foreign tourists, petitioner and its
correspondent counterpart tourist agencies abroad ave agreed to offer a package fee
for t e tourists. Alt oug t e fee to be paid by said tourists is quoted by t e petitioner, t e
payments of t e otel room accommodations, food and ot er personal expenses of said
tourists, as a rule, are paid directly eit er by tourists t emselves, or by t eir foreign travel
agencies to t e local otels (pp. 77, t.s.n., February 2, 1981; Ex s. O & O-1, p. 29, CjA
rec.; pp. 2425, t.s.n., !) and restaurants or s ops, as t e case may be.Ê
It is also t e case t at some tour agencies abroad request t e local tour agencies, suc
as t e petitioner in t e case, t at t e otel room c arges, in some specific cases, be paid
t roug t em. (Ex . Q, Q-1, p. 29 CjA rec., p. 25, j.s.n., !, pp. 5-6, 17-18, t.s.n., Aug.
20, 1981.; Ex . "U", pp. 22-23, t.s.n., Oct. 9, 1981, pp. 3-4, 11., t.s.n., Aug. 10,
1982). By t is arrangement, t e foreign tour agency entrusts to t e petitioner jours
Specialists, Inc., t e fund for otel room accommodation, w ic in turn is paid by
petitioner tour agency to t e local otel w en billed. j e procedure observed is t at t e
billing otel sends t e bill to t e petitioner. j e local otel identifies t e individual tourist,
or t e particular groups of tourists by code name or group designation and also t e
duration of t eir stay for purposes of payment. Upon receipt of t e bill, t e petitioner t en
pays t e local otel wit t e funds entrusted to it by t e foreign tour correspondent
agency.Ê
1974
Ê
P 3,995.63 Ê
²²²²²Ê
P 4,994.54 Ê
1975
Ê
P 8,427.39Ê
P 10,534.24 Ê
1976
Ê
P 54,276.42Ê
²²²²²Ê
P 67,845.53 Ê
²²²²² ²²²²²Ê
(, t e ruling overlooks t e fact t at t e amounts received, intended for otel room
accommodations, were received as part of t e package fee and, t erefore, form part of
"gross receipts" as defined by law.Ê
t ere is no s owing and is not establis ed by t e evidence. t at t e amounts
received and "earmarked" are actually w at ad been paid out as otel room c arges.
j e mere possibility t at t e amounts actually paid could be less t an t e amounts
received is sufficient to destroy t e validity of t e ruling. (, pp. 26-27)Ê
In t e instant case, we find no reason to disregard and deviate from t e findings of facts
of t e Court of jax Appeals.Ê
²²²²²Ê
P 282,079.77Ê
=========Ê
²²²²²Ê
622,915.51Ê
²²²²²Ê
=========Ê
It is not true t erefore, as stated by respondent, t at t ere is no evidence proving t e
amounts earmarked for otel room c arges. Since t e BIR examiners could not ave
manufactured t e above figures representing "advances for otel room
accommodations," t ese payments must ave certainly been taken from t e records of
petitioner, suc as t e invoices, otel bills, official receipts and ot er pertinent
documents. (, pp. 48-49)Ê
. . . [W] et er or not t e otel room c arges eld in trust for foreign tourists and travelers
and/or correspondent foreign travel agencies and paid to local ost otels form part of t e
taxable gross receipts for purposes of t e 3% contractor's tax. (, p. 45)Ê
In t e case of
,
.0
7' !,
. (),
t e Commissioner appealed two decisions of t e Court of jax Appeals disapproving is
levy of amusement taxes upon t e Manila Jockey Club, a duly constituted corporation
aut orized to old orse races in Manila. j e facts of t e case s ow t at t e monies
soug t to be taxed never really belonged to t e club. j e decision s ows t at during t e
period November 1946 to 1950, t e Manila Jockey Club paid amusement tax on its
commission but wit out including t e 5-1/2% w ic pursuant to Executive Order 320
and Republic Act 309 went to t e Board of Races, t e owner of orses and jockeys.
Section 260 of t e Internal Revenue Code provides t at t e amusement tax was
payable by t e operator on its "gross receipts". j e Manila Jockey Club, owever, did
not consider as part of its "gross receipts" subject to amusement tax t e amounts w ic
it ad to deliver to t e Board on Races, t e orse owners and t e jockeys. j is view
was fully sustained by t ree opinions of t e Secretary of Justice, to wit:Ê
j ere is no question t at t e Manila Jockey, Inc., owns only 7-1/2% of t e total bets
registered by t e jotalizer. j is portion represents its s are or commission in t e total
amount of money it andles and goes to t e funds t ereof as its own property w ic it
may legally disburse for its own purposes. j e 5% does not belong to t e club. It is
merely eld in trust for distribution as prizes to t e owners of winning orses. It is
destined for no ot er object t an t e payment of prizes and t e club cannot ot erwise
appropriate t is portion wit out incurring liability to t e owners of winning orses. It
cannot be considered as an item of expense because t e sum used for t e payment of
prizes is not taken from t e funds of t e club but from a certain portion of t e total bets
especially earmarked for t at purpose. Ê
j e Secretary's opinion was correct. j e Government could not ave meant to tax as
gross receipt of t e Manila Jockey Club t e 1/2% w ic it directs same Club to turn over
to t e Board on Races. j e latter being a Government institution, t ere would be double
taxation, w ic s ould be avoided unless t e statute admits of no ot er interpretation. In
t e same manner, t e Government could not ave intended to consider as gross receipt
t e portion of t e funds w ic it directed t e Club to give, or knew t e Club would give, to
winning orses and jockeys ² admittedly 5%. It is true t at t e law says t at out of t e
total wager funds 12-1/2% s all be set aside as t e "commission" of t e race track
owner, but t e law itself takes official notice, and actually approves or directs payment of
t e portion t at goes to owners of orses as prizes and bonuses of jockeys, w ic portion
is admittedly 5% out of t at 12-1/2% commission. As it did not at t at time contemplate
t e application of "gross receipts" revenue principle, t e law in making a distribution of
t e total wager funds, took no trouble of separating one item from t e ot er; and for
convenience, grouped t ree items under one common denomination.Ê
j e Manila Jockey Club olds once a year a so called "special Novato race", w erein
only "novato" orses, (. . orses w ic are running for t e first time in an official [of t e
club] race), may take part. Owners of t ese orses must pay to t e Club an inscription
fee of P1.00, and a declaration fee of P1.00 per orse. In addition, eac of t em must
contribute to a common fund (P10.00 per orse). j e Club contributes an equal amount
P10.00 per orse) to suc common fund, t e total amount of w ic is added to t e 5%
participation of orse owners already described erein-above in t e first case.Ê
Since t e institution of t is yearly special novato race in 1950, t e Manila Jockey Club
never paid amusement tax on t e moneys t us contributed by orse owners (P10.00
eac ) because it entertained t e belief t at in accordance wit t e t ree opinions of t e
Secretary of Justice erein-above described, suc contributions never formed part of its
gross receipts. On t e inscription fee of t e P1.00 per orse, it paid t e tax. It did not on
t e declaration fee of P1.00 because it was imposed by t e Municipal Ordinance of
Manila and was turned over to t e City officers.Ê
We t ink t e reasons for up olding t e jax Court's decision in t e first case apply to t is
one. j e ten-peso contribution never belonged to t e Club. It was eld by it as a trust
fund. And t en, after all, w en it received t e ten-peso contribution, it at t e same time
contributed ten pesos out of its own pocket, and t ereafter distributed bot amounts as
prizes to orse owners. It would seem unreasonable to regard t e ten-peso contribution
of t e orse owners as taxable receipt of t e Club, since t e latter, at t e same moment it
received t e contribution necessarily lost ten pesos too.Ê
Sec. 1. ² Foreign tourists and travelers s all be exempt from payment of any and all
otel room tax for t e entire period of t eir stay in t e country.Ê
"In context, direct taxes are t ose t at are demanded from t e very
person w o, it is intended or desired, s ould pay t em; w ile indirect
taxes are t ose t at are demanded in t e first instance from one person
in t e expectation and intention t at e can s ift t e burden to someone
else. (Pollock v. Farmers, L & j Co., 1957 US 429, 15 S. Ct. 673, 39
Law. ed. 759). j e contractor's tax is of course payable by t e contractor
but in t e last analysis it is t e owner of t e building t at s oulders t e
burden of t e tax because t e same is s ifted by t e contractor to t e
owner as a matter of self-preservation. j us, it is an indirect tax. And it is
an indirect tax on t e WHO because, alt oug it is payable by t e
petitioner, t e latter can s ift its burden on t e WHO. In t e last analysis
it is t e WHO t at will pay t e tax indirectly t roug t e contractor and it
certainly cannot be said t at 't is tax as no bearing upon t e World
Healt Organization.'"Ê
SO ORDERED.Ê
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The records reflect that on April 17, 1970, Atlas Consolidated Mining and Development
Corporation (hereinafter, Atlas) entered into a Loan and Sales Contract with Mitsubishi Metal
Corporation (Mitsubishi, for brevity), a Japanese corporation licensed to engage in business in
the Philippines, for purposes of the projected expansion of the productive capacity of the
former's mines in Toledo, Cebu. Under said contract, Mitsubishi agreed to extend a loan to Atlas
'in the amount of $20,000,000.00, United States currency, for the installation of a new
concentrator for copper production. Atlas, in turn undertook to sell to Mitsubishi all the copper
concentrates produced from said machine for a period of fifteen (15) years. It was
contemplated that $9,000,000.00 of said loan was to be used for the purchase of the
concentrator machinery from Japan.
Mitsubishi thereafter applied for a loan with the Export-Import Bank of Japan (Eximbank for short)
obviously for purposes of its obligation under said contract. Its loan application was approved
on May 26, 1970 in the sum of ¥4,320,000,000.00, at about the same time as the approval of its
loan for ¥2,880,000,000.00 from a consortium of Japanese banks. The total amount of both loans
is equivalent to $20,000,000.00 in United States currency at the then prevailing exchange rate.
The records in the Bureau of Internal Revenue show that the approval of the loan by Eximbank
to Mitsubishi was subject to the condition that Mitsubishi would use the amount as a loan to Atlas
and as a consideration for importing copper concentrates from Atlas, and that Mitsubishi had to
pay back the total amount of loan by September 30, 1981. %
Pursuant to the contract between Atlas and Mitsubishi, interest payments were made by the
former to the latter totalling P13,143,966.79 for the years 1974 and 1975. The corresponding 15%
tax thereon in the amount of P1,971,595.01 was withheld pursuant to Section 24 (b) (1) and
Section 53 (b) (2) of the National Internal Revenue Code, as amended by Presidential Decree
No. 131, and duly remitted to the Government. (
On March 5, 1976, private respondents filed a claim for tax credit requesting that the sum of
P1,971,595.01 be applied against their existing and future tax liabilities. Parenthetically, it was
later noted by respondent Court of Tax Appeals in its decision that on August 27, 1976, Mitsubishi
executed a waiver and disclaimer of its interest in the claim for tax credit in favor of Atlas.
'
1. whether or not the interest income from the loans extended to Atlas by Mitsubishi is
excludible from gross income taxation pursuant to Section 29 b) (7) (A) of the tax code
and, therefore, exempt from withholding tax.
2. whether or not Mitsubishi is a mere conduit of Eximbank which will then be considered as
the creditor whose investments in the Philippines on loans are exempt from taxes under
the code.
'
The loan and sales contract between Mitsubishi and Atlas does not contain any direct or
inferential reference to Eximbank whatsoever. The agreement is strictly between Mitsubishi as
creditor in the contract of loan and Atlas as the seller of the copper concentrates. From the
categorical language used in the document, one prestation was in consideration of the other.
The specific terms and the reciprocal nature of their obligations make it implausible, if not
vacuous to give credit to the cavalier assertion that Mitsubishi was a mere agent in said
transaction.
The contract between Eximbank and Mitsubishi is entirely different. It is complete in itself, does
not appear to be suppletory or collateral to another contract and is, therefore, not to be
distorted by other considerations . The application for the loan was approved on May 20,
1970, or more than a month after the contract between Mitsubishi and Atlas was entered into on
April 17, 1970. It is true that under the contract of loan with Eximbank, Mitsubishi agreed to use
the amount as a loan to and in consideration for importing copper concentrates from Atlas, but
all that this proves is the justification for the loan as represented by Mitsubishi, a standard
banking practice for evaluating the prospects of due repayment. There is nothing wrong with
such stipulation as the parties in a contract are free to agree on such lawful terms and
conditions as they see fit. Limiting the disbursement of the amount borrowed to a certain person
or to a certain purpose is not unusual, especially in the case of Eximbank which, aside from
protecting its financial exposure, must see to it that the same are in line with the provisions and
objectives of its charter.
Respondents postulate that Mitsubishi had to be a conduit because Eximbank's charter prevents
it from making loans except to Japanese individuals and corporations. We are not impressed.
The allegation that the interest paid by Atlas was remitted in full by Mitsubishi to Eximbank,
assuming the truth thereof, is too tenuous and conjectural to support the proposition that
Mitsubishi is a mere conduit. Furthermore, the remittance of the interest payments may also be
logically viewed as an arrangement in paying Mitsubishi's obligation to Eximbank. Whatever
arrangement was agreed upon by Eximbank and Mitsubishi as to the manner or procedure for
the payment of the latter's obligation is their own concern. It should also be noted that
Eximbank's loan to Mitsubishi imposes interest at the rate of 75% , while Mitsubishis
contract with Atlas merely states that the "interest on the amount of the loan shall be the actual
cost beginning from and including other dates of releases against loan."
It is too settled a rule in this jurisdiction, as to dispense with the need for citations, that laws
granting exemption from tax are construed 3
33 3 against the taxpayer and liberally in
favor of the taxing power. Taxation is the rule and exemption is the exception. The burden of
proof rests upon the party claiming exemption to prove that it is in fact covered by the
exemption so claimed, which onus petitioners have failed to discharge.
WHEREFORE, the decisions of the Court of Tax Appeals in CTA Cases Nos. 2801 and 3015, dated
April 18, 1980 and January 15, 1981, respectively, are hereby REVERSED and SET ASIDE.
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For t e taxable year ending June 30, 1974 PMC-P il. realized a taxable net income of
P56,500,332.00 and accordingly paid t e corresponding income tax t ereon equivalent
to P25%-35% or P19,765,116.00 as provided for under Section 24(a) of t e P ilippine
jax Code, t e pertinent portion of w ic reads:Ê
jwenty-five per cent upon t e amount by w ic t e taxable net income does not exceed
one undred t ousand pesos; and Ê
j irty-five per cent upon t e amount by w ic t e taxable net income exceeds one
undred t ousand pesos.Ê
After taxation its net profit was P36,735,216.00. Out of said amount it declared a
dividend in favor of its sole corporate stock older and parent corporation PMC-U.S.A. in
t e total sum of P17,707,460.00 w ic latter amount was subjected to P ilippine
taxation of 35% or P6,197,611.23 as provided for in Section 24(b) of t e P ilippine jax
Code w ic reads in full:Ê
For t e taxable year ending June 30, 1975 PMC-P il. realized a taxable net income of
P8,735,125.00 w ic was subjected to P ilippine taxation at t e rate of 25%-35% or
P2,952,159.00, t ereafter leaving a net profit of P5,782,966.00. As in t e 2nd quarter of
1975, PMC-P il. again declared a dividend in favor of PMC-U.S.A. at t e tax rate of
35% or P6,457,485.00.
In July, 1977 PMC-P il., invoking t e tax-sparing credit provision in Section 24(b) as
aforequoted, as t e wit olding agent of t e P ilippine government, wit respect to t e
dividend taxes paid by PMC-U.S.A., filed a claim wit t e erein petitioner,
Commissioner of Internal Revenue, for t e refund of t e 20 percentage-point portion of
t e 35 percentage-point w ole tax paid, arising allegedly from t e alleged "overpaid
wit olding tax at source or overpaid wit olding tax in t e amount of P4,832,989.00,"
computed as follows:
j ere being no immediate action by t e BIR on PMC-P ils' letter-claim t e latter soug t
t e intervention of t e CjA w en on July 13, 1977 it filed wit erein respondent court a
petition for review docketed as CjA No. 2883 entitled "Procter and Gamble P ilippine
Manufacturing Corporation vs. j e Commissioner of Internal Revenue," praying t at it
be declared entitled to t e refund or tax credit claimed and ordering respondent t erein
to refund to it t e amount of P4,832,989.00, or to issue tax credit in its favor in lieu of tax
refund. (Rollo, p. 41) Ê
On January 31, 1974 t e Court of jax Appeals in its decision (Rollo, p. 63) ruled in
favor of t e erein petitioner, t e dispositive portion of t e same reading as follows:Ê
Accordingly, petitioner is entitled to t e soug t refund or tax credit of t e amount
representing t e overpaid wit olding tax at source and t e payment t erefor by t e
respondent ereby ordered. No costs. Ê
SO ORDERED.Ê
Hence t is petition. Ê
j e Second Division of t e Court wit out giving due course to said petition resolved to
require t e respondents to comment (Rollo, p. 74). Said comment was filed on
November 8, 1984 (Rollo, pp. 83-90). j ereupon t is Court by resolution dated
December 17, 1984 resolved to give due course to t e petition and to consider
respondents' comulent on t e petition as Answer. (Rollo, p. 93) Ê
Petitioner was required to file brief on January 21, 1985 (Rollo, p. 96). Petitioner filed is
brief on May 13, 1985 (Rollo, p. 107), w ile private respondent PMC P il filed its brief
on August 22, 1985. Ê
IÊ
IIÊ
(a)
1!(
- For purposes of t is subject, a
domestic corporation w ic owns at least 10 percent of t e voting stock of a foreign
corporation from w ic it receives dividends in any taxable year s all-Ê
(1) to t e extent suc dividends are paid by suc foreign corporation out
of accumulated profits [as defined in subsection (c) (1) (a)] of a year for
w ic suc foreign corporation is not a less developed country
corporation, be deemed to ave paid t e same proportion of any income,
war profits, or excess profits taxes paid or deemed to be paid by suc
foreign corporation to any foreign country or to any possession of t e
United States on or wit respect to suc accumulated profits, w ic t e
amount of suc dividends (determined wit out regard to Section 78)
bears to t e amount of suc accumulated profits in excess of suc
income, war profits, and excess profits taxes (ot er t an t ose deemed
paid); and Ê
(2) to t e extent suc dividends are paid by suc foreign corporation out
of accumulated profits [as defined in subsection (c) (1) (b)] of a year for
w ic suc foreign corporation is a less-developed country corporation,
be deemed to ave paid t e same proportion of any income, war profits,
or excess profits taxes paid or deemed to be paid by suc foreign
corporation to any foreign country or to any possession of t e United
States on or wit respect to suc accumulated profits, w ic t e amount
of suc dividends bears to t e amount of suc accumulated profits. Ê
(A) for purposes of subsections (a) (1) and (b) (1), t e amount of its
gains, profits, or income computed wit out reduction by t e amount of
t e income, war profits, and excess profits taxes imposed on or wit
respect to suc profits or income by any foreign country.... ; and Ê
(B) for purposes of subsections (a) (2) and (b) (2), t e amount of its
gains, profits, or income in excess of t e income, was profits, and excess
profits taxes imposed on or wit respect to suc profits or income. Ê
jo Our mind t ere is not ing in t e aforecited provision t at would justify tax return of
t e disputed 15% to t e private respondent. Furt ermore, as ably argued by t e
petitioner, t e private respondent failed to meet certain conditions necessary in order
t at t e dividends received by t e non-resident parent company in t e United States
may be subject to t e preferential 15% tax instead of 35%. Among ot er t ings, t e
private respondent failed: (1) to s ow t e actual amount credited by t e U.S.
government against t e income tax due from PMC-U.S.A. on t e dividends received
from private respondent; (2) to present t e income tax return of its mot er company for
1975 w en t e dividends were received; and (3) to submit any duly aut enticated
document s owing t at t e U.S. government credited t e 20% tax deemed paid in t e
P ilippines. Ê
SO ORDERED.Ê
á u Ê
AG&P directly remitted t e cas dividends to petitioner's ead office in jokyo, Japan,
net not only of t e 10% final dividend tax in t e amounts of P764,748 for t e first and
t ird quarters of 1981, but also of t e wit eld 15% profit remittance tax based on t e
remittable amount after deducting t e final wit olding tax of 10%. A sc edule of
dividends declared and paid by AG&P to its stock older Marubeni Corporation of Japan,
t e 10% final intercorporate dividend tax and t e 15% branc profit remittance tax paid
t ereon, is s own below:Ê
j e 10% final dividend tax of P84,972 and t e 15% branc profit remittance tax of
P114,712.20 for t e first quarter of 1981 were paid to t e Bureau of Internal Revenue by
AG&P on April 20, 1981 under Central Bank Receipt No. 6757880. Likewise, t e 10%
final dividend tax of P84,972 and t e 15% branc profit remittance tax of P114,712 for
t e t ird quarter of 1981 were paid to t e Bureau of Internal Revenue by AG&P on
August 4, 1981 under Central Bank Confirmation Receipt No. 7905930. üÊ
j us, for t e first and t ird quarters of 1981, AG&P as wit olding agent paid 15%
branc profit remittance on cas dividends declared and remitted to petitioner at its
ead office in jokyo in t e total amount of P229,424.40 on April 20 and August 4, 1981.
D
Ê
In a letter dated January 29, 1981, petitioner, t roug t e accounting firm Sycip, Gorres,
Velayo and Company, soug t a ruling from t e Bureau of Internal Revenue on w et er
or not t e dividends petitioner received from AG&P are effectively connected wit its
conduct or business in t e P ilippines as to be considered branc profits subject to t e
15% profit remittance tax imposed under Section 24 (b) (2) of t e National Internal
Revenue Code as amended by Presidential Decrees Nos. 1705 and 1773. Ê
Pursuant to Section 24 (b) (2) of t e jax Code, as amended, only profits remitted abroad
by a branc office to its ead office w ic are effectively connected wit its trade or
business in t e P ilippines are subject to t e 15% profit remittance tax. jo be effectively
connected it is not necessary t at t e income be derived from t e actual operation of
taxpayer-corporation's trade or business; it is sufficient t at t e income arises from t e
business activity in w ic t e corporation is engaged. For example, if a resident foreign
corporation is engaged in t e buying and selling of mac ineries in t e P ilippines and
invests in some s ares of stock on w ic dividends are subsequently received, t e
dividends t us earned are not considered 'effectively connected' wit its trade or
business in t is country. (Revenue Memorandum Circular No. 55-80). Ê
In t e instant case, t e dividends received by Marubeni from AG&P are not income
arising from t e business activity in w ic Marubeni is engaged. Accordingly, said
dividends if remitted abroad are not considered branc profits for purposes of t e 15%
profit remittance tax imposed by Section 24 (b) (2) of t e jax Code, as amended . . . -Ê
Consequently, in a letter dated September 21, 1981 and filed wit t e Commissioner of
Internal Revenue on September 24, 1981, petitioner claimed for t e refund or issuance
of a tax credit of P229,424.40 "representing profit tax remittance erroneously paid on
t e dividends remitted by Atlantic Gulf and Pacific Co. of Manila (AG&P) on April 20 and
August 4, 1981 to ... ead office in jokyo. Ê
In support of its rejection of petitioner's claimed refund, respondent jax Court explained:Ê
(b)
² (1) Non-resident corporations. ² A foreign corporation
not engaged in trade or business in t e P ilippines s all pay a tax equal to t irty-five per
cent of t e gross income received during eac taxable year from all sources wit in t e
P ilippines as ... dividends ....Ê
but expressly made subject to t e special rate of 25% under Article 10(2) (b) of t e jax
jreaty of 1980 concluded between t e P ilippines and Japan. j us:Ê
(a) . . .Ê
Central to t e issue of Marubeni Japan's tax liability on its dividend income from
P ilippine sources is t erefore t e determination of w et er it is a resident or a non-
resident foreign corporation under P ilippine laws. Ê
jo simply add t e two taxes to arrive at t e 25 % tax rate is to disregard a basic rule in
taxation t at eac tax as a different tax basis. W ile t e tax on dividends is directly
levied on t e dividends received, "t e tax base upon w ic t e 15 % branc profit
remittance tax is imposed is t e profit actually remitted abroad." Ê
(b)
² (1) Non-resident corporations ² ... (iii) On dividends
received from a domestic corporation liable to tax under t is C apter, t e tax s all be
15% of t e dividends received, w ic s all be collected and paid as provided in Section
53 (d) of t is Code, subject to t e condition t at t e country in w ic t e non-resident
foreign corporation is domiciled s all allow a credit against t e tax due from t e non-
resident foreign corporation, taxes deemed to ave been paid in t e P ilippines
equivalent to 20 % w ic represents t e difference between t e regular tax (35 %) on
corporations and t e tax (15 %) on dividends as provided in t is Section; ....Ê
j us, under Section 18 of Republic Act No. 1125, a party adversely affected by an
order, ruling or decision of t e Court of jax Appeals is given t irty (30) days from notice
to appeal t erefrom. Ot erwise, said order, ruling, or decision s all become final. Ê
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: CFI judgment affirmed. (Subsequent Motion for Reconsideration by Wise, et. al. denied)
c7
8 Appellants contend t at t e amounts received by t em and on w ic t e taxes in question were
assessed and collected were
; CIR contends t at t ey were &
.
7 j e distributions under consideration were not ordinary dividends. j erefore, t ey are taxable as
liquidating dividends. It was stipulated in t e deed of sale t at t e sale and transfer of t e HK Co. s all
take effect on June 1, 1937. Distribution took place on June 8. j ey could not consistently deem all t e
business and assets of t e corporation sold as of June 1, 1937, and still say t at said corporation,
distributed ordinary dividends to t em t ereafter.
8 Are suc liquidating dividends taxable income?
7 Income tax law states t at ³W ere a corporation, partners ip, association, joint-account, or insurance
company distributes all of its assets in complete liquidation or dissolution, t e gain realized or loss
sustained by t e stock older, w et er individual or corporation, is a !
or a deductible loss
as t e case may be.´
Appellants received t e distributions in question in exc ange for t e surrender and relinquis ment by
t em of t eir stock in t e HK Co. w ic was dissolved and in process of complete liquidation. j at money
in t e ands of t e corporation formed a part of its income and was properly taxable to it under t e
Income jax Law. W en t e corporation was dissolved and in process of complete liquidation and its
s are olders surrendered t eir stock to it and it paid t e sums in question to t em in exc ange, a
transaction took place. j e s are older w o received t e consideration for t e stock earned t at muc
money as income of is own, w ic again was properly taxable to im under t e Income jax Law.
8 Non-resident alien individual appellants contend t at if t e distributions received by t em were to be
considered as a sale of t eir stock to t e HK Co., t e profit realized by t em does not constitute income
from P ilippine sources and is not subject to P ilippine taxes, "since all steps in t e carrying out of t is
so-called sale took place outside t e P ilippines."
7 j is contention is untenable. j e HK Co. was at t e time of t e sale of its business in t e
P ilippines, and t e PH Co. was a domestic corporation domiciled and doing business also in t e
P ilippines. j e HK Co. was incorporated for t e purpose of carrying on
1
,
t e
business of wine, beer, and spirit merc ants and t e ot er objects set out in its memorandum of
association. Hence, its earnings, profits, and assets, including t ose from w ose proceeds t e
distributions in question were made, t e major part of w ic consisted in t e purc ase price of t e
business, ad been earned and acquired in t e P ilippines. As suc , it is clear t at said distributions were
income "from P ilippine sources."