06-02-2019, 02:43 PM
General Rule
The right to assess and collect are imprescritible (CIR vs. Ayala Securities, GR No. L-29484, November 21, 1980).
Exception
When the laws otherwise provide
Specifics
1. NIRC - assessment of internal revenue taxes within 3 years after the last day prescribed by law for filing of return (Sec. 203) and 10 years in cases of fraud (Sec. 222).
2. Tariff and Customs - entry and passage free of duty, after the expiration of the 3 years from the date of the final payment of duties, in the absence of fraud or protest, be final and conclusive upon all parties, unless the liquidation of the import entry was merely tentative (Sec. 1603, Tariff Code as amended by R.A. 9135, Sec. 4)
3. Local Government Code - Five (5) year prescriptive period for assessment and collection (LGC, Sec. 194 and 270).
The right to assess and collect are imprescritible (CIR vs. Ayala Securities, GR No. L-29484, November 21, 1980).
Exception
When the laws otherwise provide
Specifics
1. NIRC - assessment of internal revenue taxes within 3 years after the last day prescribed by law for filing of return (Sec. 203) and 10 years in cases of fraud (Sec. 222).
2. Tariff and Customs - entry and passage free of duty, after the expiration of the 3 years from the date of the final payment of duties, in the absence of fraud or protest, be final and conclusive upon all parties, unless the liquidation of the import entry was merely tentative (Sec. 1603, Tariff Code as amended by R.A. 9135, Sec. 4)
3. Local Government Code - Five (5) year prescriptive period for assessment and collection (LGC, Sec. 194 and 270).