Acosta Digest

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c petitioners,

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respondents.Ê

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j e distinction between co-owners ip and an unregistered partners ip or joint venture

for income tax purposes is t e issue in t is petition.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
Petitioners protested t e said assessment in a letter of June 26, 1979 asserting t at

t ey ad availed of tax amnesties way back in 1974. Ê
In a reply of August 22, 1979, respondent Commissioner informed petitioners t at in t e

years 1968 and 1970, petitioners as co-owners in t e real estate transactions formed an
unregistered partners ip or joint venture taxable as a corporation under Section 20(b)
and its income was subject to t e taxes prescribed under Section 24, bot of t e
National Internal Revenue Code t at t e unregistered partners ip was subject to
corporate income tax as distinguis ed from profits derived from t e partners ip by t em
w ic is subject to individual income tax; and t at t e availment of tax amnesty under
P.D. No. 23, as amended, by petitioners relieved petitioners of t eir individual income
tax liabilities but did not relieve t em from t e tax liability of t e unregistered
partners ip. Hence, t e petitioners were required to pay t e deficiency income tax
assessed. Ê
Petitioners filed a petition for review wit t e respondent Court of jax Appeals docketed
as CjA Case No. 3045. In due course, t e respondent court by a majority decision of
Marc 30, 1987, affirmed t e decision and action taken by respondent commissioner
wit costs against petitioners. Ê
It ruled t at on t e basis of t e principle enunciated in O

an unregistered
partners ip was in fact formed by petitioners w ic like a corporation was subject to
corporate income tax distinct from t at imposed on t e partners. Ê
In a separate dissenting opinion, Associate Judge Constante Roaquin stated t at

considering t e circumstances of t is case, alt oug t ere mig t in fact be a co-
owners ip between t e petitioners, t ere was no adequate basis for t e conclusion t at
t ey t ereby formed an unregistered partners ip w ic made " em liable for corporate
income tax under t e jax Code. Ê
Hence, t is petition w erein petitioners invoke as basis t ereof t e following alleged

errors of t e respondent court: Ê
A. IN HOLDING AS PRESUMPjIVELY CORRECj jHE DEjERMINAjION OF jHE

RESPONDENj COMMISSIONER, jO jHE EFFECj jHAj PEjIjIONERS FORMED
AN UNREGISjERED PARjNERSHIP SUBJECj jO CORPORAjE INCOME jAX, AND
jHAj jHE BURDEN OF OFFERING EVIDENCE IN OPPOSIjION jHEREjO RESjS
UPON jHE PEjIjIONERS. Ê
B. IN MAKING A FINDING, SOLELY ON jHE BASIS OF ISOLAjED SALE

jRANSACjIONS, jHAj AN UNREGISjERED PARjNERSHIP EXISjED jHUS
IGNORING jHE REQUIREMENjS LAID DOWN BY LAW jHAj WOULD WARRANj
jHE PRESUMPjION/CONCLUSION jHAj A PARjNERSHIP EXISjS. Ê
C. IN FINDING jHAj jHE INSjANj CASE IS SIMILAR jO jHE EVANGELISjA CASE

AND jHEREFORE SHOULD BE DECIDED ALONGSIDE jHE EVANGELISjA CASE.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
j e basis of t e subject decision of t e respondent court is t e ruling of t is Court in

O
. üÊ
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
j e issue in t is case is w et er petitioners are subject to t e tax on corporations

provided for in section 24 of Commonwealt Act No. 466, ot erwise known as t e
National Internal Revenue Code, as well as to t e residence tax for corporations and t e
real estate dealers' fixed tax. Wit respect to t e tax on corporations, t e issue inges on
t e meaning of t e terms corporation and partners ip as used in sections 24 and 84 of
said Code, t e pertinent parts of w ic read: Ê
Sec. 24.

.²j ere s all be levied, assessed, collected,
and paid annually upon t e total net income received in t e preceding taxable year from
all sources by every corporation organized in, or existing under t e laws of t e
P ilippines, no matter ow created or organized but not including duly registered general
co-partners ips (companies collectives), a tax upon suc income equal to t e sum of t e
following: ...Ê
Sec. 84(b). j e term "corporation" includes partners ips, no matter ow created or

organized, joint-stock companies, joint accounts (cuentas en participation), associations
or insurance companies, but does not include duly registered general co-partners ips
(companies colectivas). Ê
Article 1767 of t e Civil Code of t e P ilippines provides: Ê
By t e contract of partners ip two or more persons bind t emselves to contribute money,

property, or industry to a common fund, wit t e intention of dividing t e profits among
t emselves. Ê
Pursuant to t is article,

!

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!

. 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.
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3.

. j e properties were leased separately to several persons, w o,
from 1945 to 1948 inclusive, paid t e total sum of P70,068.30 by way of rentals.
Seemingly, t e lots are still being so let, for petitioners do not even suggest t at t ere as
been any c ange in t e utilization t ereof.Ê
4. Since August, 1945, !

,
namely, Simeon Evangelists, wit full power to lease, to collect rents, to issue receipts, to
bring suits, to sign letters and contracts, and to indorse and deposit notes and c ecks.
!

!

!

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,

!

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D

. Ê
In t e present case, t ere is no evidence t at petitioners entered into an agreement to

contribute money, property or industry to a common fund, and t at t ey intended to
divide t e profits among t emselves. Respondent commissioner and/ or is
representative just assumed t ese conditions to be present on t e basis of t e fact t at
petitioners purc ased certain parcels of land and became co-owners t ereof. Ê
In Evangelists,

.
$% s owing t at t e purpose was not limited to t e conservation or
preservation of t e common fund or even t e properties acquired by t em.
! !

. 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
j us, in t e concurring opinion of Mr. Justice Angelo Bautista in O

e said: Ê
I wis owever to make t e following observation Article 1769 of t e new Civil Code lays
down t e rule for determining w en a transaction s ould be deemed a partners ip or a
co-owners ip. Said article paragrap s 2 and 3, provides; 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
( ! .

!

!

/

/

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(Padilla, Civil
Code of t e P ilippines Annotated, Vol. I, 1953 ed., pp. 635-636) 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
,

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j e common owners ip of property does not itself create a partners ip between t e

owners, t oug t ey may use it for t e purpose of making gains; and t ey may, wit out
becoming partners, agree among t emselves as to t e management, and use of suc
property and t e application of t e proceeds t erefrom. (Spurlock vs. Wilson, 142 S.W.
-
363,160 No. App. 14.) Ê
j e s aring of returns does not in itself establis a partners ip w et er or not t e

persons s aring t erein ave a joint or common rig t or interest in t e property. j ere
must be a clear intent to form a partners ip, t e existence of a juridical personality
different from t e individual partners, and t e freedom of eac party to transfer or assign
t e w ole property.Ê
In t e present case, t ere is clear evidence of co-owners ip between t e petitioners.

j ere is no adequate basis to support t e proposition t at t ey t ereby formed an
unregistered partners ip. j e two isolated transactions w ereby t ey purc ased
properties and sold t e same a few years t ereafter did not t ereby make t em
partners. j ey s ared in t e gross profits as co- owners and paid t eir capital gains
taxes on t eir net profits and availed of t e tax amnesty t ereby. Under t e
circumstances, t ey cannot be considered to ave formed an unregistered partners ip
w ic is t ereby liable for corporate income tax, as t e respondent commissioner
proposes.Ê
And even assuming for t e sake of argument t at suc unregistered partners ip

appears to ave been formed, since t ere is no suc existing unregistered partners ip
wit a distinct personality nor wit assets t at can be eld liable for said deficiency
corporate income tax, t en petitioners can be eld individually liable as partners for t is
unpaid obligation of t e partners ip p. However, as petitioners ave availed of t e
benefits of tax amnesty as individual taxpayers in t ese transactions, t ey are t ereby
relieved of any furt er tax liability arising t erefrom. Ê
WHEREFROM, t e petition is ereby GRANjED and t e decision of t e respondent

Court of jax Appeals of Marc 30, 1987 is ereby REVERSED and SEj ASIDE and
anot er decision is ereby rendered relieving petitioners of t e corporate income tax
liability in t is case, wit out pronouncement as to costs. Ê
SO ORDERED. Ê
56. &

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petitioner,
vs.
"
!respondent.Ê
c(u Ê
Pursuant to "reinsurance treaties," a number of local insurance firms formed t emselves

into a "pool" in order to facilitate t e andling of business contracted wit a nonresident
foreign insurance company. May t e "clearing ouse" or "insurance pool" so formed be
deemed a partners ip or an association t at is taxable as a corporation under t e
National Internal Revenue Code (NIRC)? S ould t e pool's remittances to t e member
companies and to t e said foreign firm be taxable as dividends? Under t e facts of t is
case, as t e goverment's rig t to assess and collect said tax prescribed?Ê
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
j e petitioners are 41 non-life insurance corporations, organized and existing under t e

laws of t e P ilippines. Upon issuance by t em of Erection, Mac inery Breakdown, Boiler
Explosion and Contractors' All Risk insurance policies, t e petitioners on August 1, 1965
entered into a Quota S are Reinsurance jreaty and a Surplus Reinsurance jreaty wit
t e Munc ener Ruckversic erungs-Gesselsc aft ( ereafter called Munic ), a non-
resident foreign insurance corporation. j e reinsurance treaties required petitioners to
form a [p]ool. Accordingly, a pool composed of t e petitioners was formed on t e same
day.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
On January 27, 1986, t e Commissioner of Internal Revenue denied t e protest and

ordered t e petitioners, assessed as "Pool of Mac inery Insurers," to pay deficiency
income tax, interest, and wit [ ]olding tax, itemized as follows: Ê
Net income per information return P3,737,370.00Ê
===========Ê
Income tax due t ereon P1,298,080.00Ê
Add: 14% Int. fr. 4/15/76Ê
to 4/15/79 545,193.60Ê
²²²²²²Ê
jOjAL AMOUNj DUE & P1,843,273.60Ê
COLLECjIBLEÊ
Dividend paid to Munic Ê
Reinsurance Company P3,728,412.00Ê
²²²²²²Ê
35% wit olding tax atÊ
source due t ereon P1,304,944.20Ê
Add: 25% surc arge 326,236.05Ê
14% interest fromÊ
1/25/76 to 1/25/79 137,019.14Ê
Compromise penalty-Ê
non-filing of return 300.00Ê
late payment 300.00Ê
²²²²²²Ê
jOjAL AMOUNj DUE & P1,768,799.39Ê
COLLECjIBLE ===========Ê
Dividend paid to Pool Members P655,636.00Ê
===========Ê
10% wit olding tax atÊ
source due t ereon P65,563.60Ê
Add: 25% surc arge 16,390.90Ê
14% interest fromÊ
1/25/76 to 1/25/79 6,884.18Ê
Compromise penalty-Ê
non-filing of return 300.00Ê
late payment 300.00Ê
²²²²²²Ê
jOjAL AMOUNj DUE & P89,438.68Ê

COLLECjIBLE =========== Ê
j e CA ruled in t e main t at t e pool of mac inery insurers was a partners ip taxable

as a corporation, and t at t e latter's collection of premiums on be alf of its members,
t e ceding companies, was taxable income. It added t at prescription did not bar t e
Bureau of Internal Revenue (BIR) from collecting t e taxes due, because "t e taxpayer
cannot be located at t e address given in t e information return filed." Hence, t is

Petition for Review before us. Ê
, Ê
Before t is Court, petitioners raise t e following issues:Ê
1. W et er or not t e Clearing House, acting as a mere agent and performing strictly

administrative functions, and w ic did not insure or assume any risk in its own name,
was a partners ip or association subject to tax as a corporation;Ê
2. W et er or not t e remittances to petitioners and MUNICHRE of t eir respective

s ares of reinsurance premiums, pertaining to t eir individual and separate contracts of
reinsurance, were "dividends" subject to tax; andÊ
3. W et er or not t e respondent Commissioner's rig t to assess t e Clearing House ad

3
already prescribed. 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
Petitioners contend t at t e Court of Appeals erred in finding t at t e pool of clearing

ouse was an informal partners ip, w ic was taxable as a corporation under t e NIRC.
j ey point out t at t e reinsurance policies were written by t em "individually and
separately," and t at t eir liability was limited to t e extent of t eir allocated s are in t e

original risk t us reinsured. Hence, t e pool did not act or earn income as a reinsurer.

Its role was limited to its principal function of "allocating and distributing t e risk(s)
arising from t e original insurance among t e signatories to t e treaty or t e members
of t e pool based on t eir ability to absorb t e risk(s) ceded[;] as well as t e
performance of incidental functions, suc as records, maintenance, collection and

custody of funds, etc." Ê
Petitioners belie t e existence of a partners ip in t is case, because (1) t ey, t e

ü
reinsurers, did not s are t e same risk or solidary liability, (2) t ere was no common
D
fund; (3) t e executive board of t e pool did not exercise control and management of
-
its funds, unlike t e board of directors of a corporation; and (4) t e pool or clearing
ouse "was not and could not possibly ave engaged in t e business of reinsurance

from w ic it could ave derived income for itself." Ê
j e Court is not persuaded. j e opinion or ruling of t e Commission of Internal

Revenue, t e agency tasked wit t e enforcement of tax law, is accorded muc weig t

and even finality, w en t ere is no s owing. t at it is patently wrong, particularly in
t is case w ere t e findings and conclusions of t e internal revenue commissioner were
subsequently affirmed by t e CjA, a specialized body created for t e exclusive purpose

of reviewing tax cases, and t e Court of Appeals. Indeed,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
j is Court rules t at t e Court of Appeals, in affirming t e CjA w ic ad previously

sustained t e internal revenue commissioner, committed no reversible error. Section 24
of t e NIRC, as worded in t e year ending 1975, provides:Ê
Sec. 24. Rate of tax on corporations. ² (a)

. : A tax is
ereby imposed upon t e taxable net income received during eac taxable year from all
sources by every corporation organized in, or existing under t e laws of t e P ilippines,
no matter ow created or organized, but not including duly registered general co-
partners ip (compañias colectivas), general professional partners ips, private
educational institutions, and building and loan associations . . . .Ê
Ineludibly, t e P ilippine legislature included in t e concept of corporations t ose

entities t at resembled t em suc as unregistered partners ips and associations.
Parent etically, t e NIRC's inclusion of suc entities in t e tax on corporations was

made even clearer by t e tax Reform Act of 1997, w ic amended t e jax Code.
Pertinent provisions of t e new law read as follows:Ê
Sec. 27. Rates of Income jax on Domestic Corporations. ²Ê
(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
Sec. 22. ² Definition. ² W en used in t is jitle:Ê
xxx xxx xxxÊ
(B) j e term "corporation" s all include partners ips, no matter ow created or

organized, joint-stock companies, joint accounts (cuentas

), associations,
or insurance companies, but does not include general professional partners ips [or] a
joint venture or consortium formed for t e purpose of undertaking construction projects or
engaging in petroleum, coal, geot ermal and ot er energy operations pursuant to an
operating or consortium agreement under a service contract wit out t e Government.
"General professional partners ips" are partners ips formed by persons for t e sole
purpose of exercising t eir common profession, no part of t e income of w ic is derived
from engaging in any trade or business. Ê
xxx xxx xxxÊ

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
j e term "partners ip" includes a syndicate, group, pool, joint venture or

ot er unincorporated organization, t roug or by means of w ic any
business, financial operation, or venture is carried on. ëëë (8 Merten's
Law of Federal Income jaxation, p. 562 Note 63)Ê
Art. 1767 of t e Civil Code recognizes t e creation of a contract of partners ip w en

"two or more persons bind t emselves to contribute money, property, or Industry to a
D
common fund, wit t e intention of dividing t e profits among t emselves." Its
requisites are: "(1) mutual contribution to a common stock, and (2) a joint interest in t e
-
profits." In ot er words, a partners ip is formed w en persons contract "to devote to a
common purpose eit er money, property, or labor wit t e intention of dividing t e
profits between
t emselves." Meanw ile, an association implies associates w o enter into a "joint

enterprise . . . for t e transaction of business." Ê

In t e case before us, t e ceding companies entered into a Pool Agreement or an
3
association t at would andle all t e insurance businesses covered under t eir

quota-s are reinsurance treaty and surplus reinsurance treaty wit Munic . j e
following unmistakably indicates a partners ip or an association covered by Section 24
of t e NIRC:Ê
(1) j e pool as a common fund, consisting of money and ot er valuables t at are

deposited in t e name and credit of t e pool. j is common fund pays for t e
ü
administration and operation expenses of t e pool. Ê
(2) j e pool functions t roug an executive board, w ic resembles t e board of

directors of a corporation, composed of one representative for eac of t e ceding
D
companies. 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 furt er contend t at t e remittances of t e pool to t e ceding companies and

Munic are not dividends subject to tax. j ey insist t at suc remittances contravene
Sections 24 (b) (I) and 263 of t e 1977 NIRC and "would be tantamount to an illegal
ü3
double taxation as it would result in taxing t e same taxpayer" Moreover, petitioners
argue t at since Munic was not a signatory to t e Pool Agreement, t e remittances it
ü
received from t e pool cannot be deemed dividends. j ey add t at even if suc
remittances were treated as dividends, t ey would ave been exempt under t e
ü
previously mentioned sections of t e 1977 NIRC, as well as Article 7 of paragrap 1
ü üü üD
and Article 5 of paragrap 5 of t e RP-West German jax jreaty. 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
j e tax exemptions claimed by petitioners cannot be granted, since t eir entitlement

t ereto remains unproven and unsubstantiated. It is axiomatic in t e law of taxation t at
taxes are t e lifeblood of t e nation. Hence, "exemptions t erefrom are ig ly
disfavored in law and e w o claims tax exemption must be able to justify is claim or
ü
rig t." Petitioners ave failed to disc arge t is burden of proof. j e sections of t e
1977 NIRC w ic t ey cite are inapplicable, because t ese were not yet in effect w en
t e income was earned and w en t e subject information return for t e year ending
1975 was filed.Ê
Referring, to t e 1975 version of t e counterpart sections of t e NIRC, t e Court still

cannot justify t e exemptions claimed. Section 255 provides t at no tax s all ". . . be
paid upon reinsurance by any company t at as already paid t e tax . . ." j is cannot
be applied to t e present case because, as previously discussed, t e pool is a taxable
entity distinct from t e ceding companies; t erefore, t e latter cannot individually claim
t e income tax paid by t e former as t eir own.Ê
ü
On t e ot er and, Section 24 (b) (1) pertains to tax on foreign corporations; ence, it
cannot be claimed by t e ceding companies w ic are domestic corporations. Nor can
Munic , a foreign corporation, be granted exemption based solely on t is provision of
t e jax Code, because t e same subsection specifically taxes dividends, t e type of
remittances forwarded to it by t e pool. Alt oug not a signatory to t e Pool Agreement,
Munic is patently an associate of t e ceding companies in t e entity formed, pursuant
to t eir reinsurance treaties w ic required t e creation of said pool.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
Finally t e petitioners' claim t at Munic is tax-exempt based on t e RP- West German

jax jreaty is likewise unpersuasive, because t e internal revenue commissioner
assessed t e pool for corporate taxes on t e basis of t e information return it ad
submitted for t e year ending 1975, a taxable year w en said treaty was not yet in
Dü
effect. Alt oug petitioners omitted in t eir pleadings t e date of effectivity of t e
treaty, t e Court takes judicial notice t at it took effect only later, on December 14,
DD
1984. 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
We cannot sustain t e petitioners. j e CA and t e CjA categorically found t at t e

D
prescriptive period was tolled under t en Section 333 of t e NIRC, because "t e
taxpayer cannot be located at t e address given in t e information return filed and for
D
w ic reason t ere was delay in sending t e assessment." Indeed, w et er t e
government's rig t to collect and assess t e tax as prescribed involves facts w ic
ave been ruled upon by t e lower courts. It is axiomatic t at in t e absence of a clear
s owing of palpable error or grave abuse of discretion, as in t is case, t is Court must
not overturn t e factual findings of t e CA and t e CjA.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
WHEREFORE, t e petition is DENIED. j e Resolution of t e Court of Appeals dated

October 11, 1993 and November 15, 1993 are ereby AFFIRMED. Cost against
petitioners.); )
<Ê
SO ORDERED.Ê
=1
5. 77
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14 1

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
Petitioner Commissioner of Internal Revenue assessed BOAC t e for deficiency income

taxes covering t e years 1959 to 1963. j is was protested by BOAC. Subsequent investigation
resulted in t e issuance of a new assessment, for t e years 1959 to 1967. BOAC paid t is new
assessment under protest. BOAC filed a claim for refund w ic was denied by t e CIR.
[
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.
Hence, t is Petition for Review on certiorari of t e Decision of t e jax Court.
11% 917 ): : : 6 % 56 & 456 14 (551: 6 1 1
5;&1 45 [( 8 <= 10 1 < 5
> 1 5 : :505445 1 < 5
145 ;:50 :65? 05? 5?:1 :
15% 5
= < ( <=
:505445 1%
1
5?0&@0
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.
BOAC, during t e periods covered by t e subject - assessments, maintained a general

sales agent in t e P ilippines, j at general sales agent, from 1959 to 1971, "was engaged in
(1) selling and issuing tickets; (2) breaking down t e w ole trip into series of trips eac trip in t e
series corresponding to a different airline company; (3) receiving t e fare from t e w ole trip;
and (4) consequently allocating to t e various airline companies on t e basis of t eir
participation in t e services rendered t roug t e mode of interline settlement as prescribed by
Article VI of t e Resolution No. 850 of t e IAjA Agreement." j ose activities were in exercise of
t e functions w ic are normally incident to, and are in progressive pursuit of, t e purpose and
object of its organization as an international air carrier. In fact, t e regular sale of tickets, its
main activity, is t e very lifeblood of t e airline business, t e generation of sales being t e
paramount objective. j ere s ould be no doubt t en t at BOAC was "engaged in" business in
t e P ilippines t roug a local agent during t e period covered by t e assessments.
Accordingly, it is a resident foreign corporation subject to tax upon its total net income received
in t e preceding taxable year from all sources wit in t e P ilippines.
j e jax Code defines "gross income" t us:
"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]).
Income means "cas received or its equivalent"; it is t e amount of money coming to a

person wit in a specific time; it means somet ing distinct from principal or capital. For, w ile
capital is a fund, income is a flow. As used in our income tax law, "income" refers to t e flow of
wealt .
j e source of an income is t e property, activity or service t at produced t e income.

For t e source of income to be considered as coming from t e P ilippines, it is sufficient t at t e
income is derived from activity wit in t e P ilippines. In BOAC's case, t e sale of tickets in t e
P ilippines is t e activity t at produces t e income. j e tickets exc anged ands ere and
payments for fares were also made ere in P ilippine currency. j e site of t e source of
payments is t e P ilippines. j e flow of wealt proceeded from, and occurred wit in, P ilippine
territory, enjoying t e protection accorded by t e P ilippine government. In consideration of
suc protection, t e flow of wealt s ould s are t e burden of supporting t e government.
A transportation ticket is not a mere piece of paper. W en issued by a common carrier, it

constitutes t e contract between t e ticket- older and t e carrier. It gives rise to t e obligation of
t e purc aser of t e ticket to pay t e fare and t e corresponding obligation of t e carrier to
transport t e passenger upon t e terms and conditions set fort t ereon. j e ordinary ticket
issued to members of t e traveling public in general embraces wit in its terms all t e elements
to constitute it a valid contract, binding upon t e parties entering into t e relations ip.
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.
j e absence of flig t operations to and from t e P ilippines is not determinative of t e

source of income or t e site of income taxation. Admittedly, BOAC was an off-line international
airline at t e time pertinent to t is case. j e test of taxability is t e "source"; and t e source of
an income is t at activity ... w ic produced t e income. Unquestionably, t e passage
documentations in t ese cases were sold in t e P ilippines and t e revenue t erefrom was
derived from a activity regularly pursued wit in t e P ilippines. business a And even if t e
BOAC tickets sold covered t e "transport of passengers and cargo to and from foreign cities", it
cannot alter t e fact t at income from t e sale of tickets was derived from t e P ilippines. j e
word "source" conveys one essential idea, t at of origin, and t e origin of t e income erein is
t e P ilippines.
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( [<= 0&% 5.5 84 55 61
! "

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 reply to petitioner's query, Acting Commissioner Ruben Anc eta ruled:

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).
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.
Petitioner appealed to t e Court of jax Appeals w ic affirmed t e denial of t e refund by t e

Commissioner of Internal Revenue. CjA eld t at t e said dividends were distributions made by
t e Atlantic, Gulf and Pacific Company(AG &P) of Manila to its s are older out of its profits on
t e investments of t e Marubeni Corporation of Japan, a non-resident foreign corporation. j e
investments in t e Atlantic Gulf & Pacific Company of t e Marubeni Corporation of Japan were
directly made by it and t e dividends on t e investments were likewise directly remitted to and
received by t e Marubeni Corporation of Japan. Petitioner Marubeni Corporation P ilippine
Branc as no participation or intervention, directly or indirectly, in t e investments and in t e
receipt of t e dividends. And it appears t at t e funds invested in t e Atlantic Gulf & Pacific
Company did not come out of t e funds infused by t e Marubeni Corporation of Japan to t e
Marubeni Corporation P ilippine Branc . As a matter of fact, t e Central Bank of t e
P ilippines, in aut orizing t e remittance of t e foreign exc ange equivalent of t e dividends in
question, treated t e Marubeni Corporation of Japan as a non-resident stock older of t e
Atlantic Gulf & Pacific Company based on t e supporting documents submitted to it.
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 .
Hence t e instant petition for review
11% 7): : % 551 15 . 15

45
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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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.
j e Commissioner of t e BIR denied t e claim of petitioners stating t at t e basis must

be t e prevailing free market rate of exc ange and not t e par value. CB No. 289 speaks of
receipts for export products, receipts of sale of foreign exc ange and investment but not income
tax. j e CjA also eld t at petitioner¶s dollar earnings are receipts derived from foreign
exc ange transactions.
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
1) No. Income may be defined as an amount of money coming to a person or corporation

wit in a specified time, w et er as payment for services, interest or profit from investment.
Unless ot erwise specified, it means cas or its equivalent. Income can also be t oug of as
flow of t e fruits of one's labor. Petitioners are correct in claiming t at t eir dollar earnings are
not receipts derived from foreign exc ange transactions. For a foreign exc ange transaction is
simply t at-foreign exc ange being ³t e conversion of an amount of money of one country into
an equivalent amount of money of anot er country. W en petitioners were assigned to t e
foreign subsidiaries of P&G, t ey were earning in t eir assigned nation¶s currency and were also
spending in said currency. j ere was no conversion from one currency to anot er.
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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!petitioner,

vs.
"respondents.Ê

c-$ u Ê
j is is a petition to review on t e decision of t e Court of jax Appeals w ic

ruled t at t e money entrusted to private respondent jours Specialists, Inc., earmarked
and paid for otel room c arges of tourists, travelers and/or foreign travel agencies
does not form part of its gross receipts subject to t e 3% independent contractor's tax
under t e National Internal Revenue Code of 1977.Ê
We adopt t e findings of facts of t e Court of jax Appeals as follows:Ê
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
Despite t is arrangement, respondent Commissioner of Internal Revenue assessed

petitioner for deficiency 3% contractor's tax as independent contractor by including t e
entrusted otel room c arges in its gross receipts from services for t e years 1974 to
1976. Consequently, on December 6, 1979, petitioner received from respondent t e 3%
deficiency independent contractor's tax assessment in t e amount of P122,946.93 for t e
years 1974 to 1976, inclusive, computed as follows: Ê
1974

Ê

P 3,995.63 Ê
15% surc arge for late payment 998.91 Ê
²²²²²Ê
P 4,994.54 Ê
14% interest computed by quartersÊ
up to 12-28-79 3,953.18 P 8,847.72 Ê
1975

Ê

P 8,427.39Ê
25% surc arge for late payment 2,106.85Ê

²²²²²Ê
P 10,534.24 Ê
up to 12-28-79 6,808.47 P 17,342.71 Ê
1976

Ê

P 54,276.42Ê
25% surc arge for late payment 13,569.11Ê
²²²²²Ê
P 67,845.53 Ê
up to 12-28-79 28,910.97 P 96,756.50Ê
²²²²² ²²²²²Ê
jotal amount due P 122,946.93

=========Ê
In addition to t e deficiency contractor's tax of P122,946.93, petitioner was assessed to

pay a compromise penalty of P500.00.Ê
Subsequently on December 11, 1979, petitioner formally protested t e assessment made

by respondent on t e ground t at t e money received and entrusted to it by t e tourists,
earmarked to pay otel room c arges, were not considered and ave never been
considered by it as part of its taxable gross receipts for purposes of computing and
paying its constractor's tax.Ê
During one of t e earings in t is case, a witness, Serafina Sazon, Certified Public

Accountant and in c arge of t e Accounting Department of petitioner, ad testified, er
credibility not aving been destroyed on cross examination, categorically stated t at t e
amounts entrusted to it by t e foreign tourist agencies intended for payment of otel room
c arges, were paid entirely to t e otel concerned, wit out any portion t ereof being
diverted to its own funds. (t.s.n., ( !.$)*>), pp. 7, 25; t.s.n., .$-)*>), pp. 5-9,
17-18). j e testimony of Serafina Sazon was corroborated by Gerardo Isada, General
Manager of petitioner, declaring to t e effect t at payments of otel accommodation are
made t roug petitioner wit out any increase in t e room c arged (t.s.n., .*)*>),
pp. 21-25) and t at t e reason w y tourists pay t eir room c arge, or t roug t eir
foreign tourists agencies, is t e fact t at t e room c arge is exempt from otel room tax
under P.D. 31. (t.s.n., ,!., pp. 25-29.) Witness Isada stated, on cross-examination, t at
if t eir payment is made, t ru petitioner's tour agency, t e otel cost or c arges "

" or t at t e "agent abroad instead of sending
several telexes and saving on bank c arges t ey take t e option to send money to us to
be eld in trust to be endorsed to t e otel." (pp. 3-4, t.s.n. .)-)*>$.)Ê
Nevert eless, on June 2, 1980, respondent, wit out deciding t e petitioner's written
protest, caused t e issuance of a warrant of distraint and levy. (p. 51, BIR Rec.) And
later, respondent ad petitioner's bank deposits garnis ed. (pp. 49-50, BIR Rec.)Ê
jaking t is action of respondent as t e adverse and final decision on t e disputed

assessment, petitioner appealed to t is Court. (, pp. 40-45)Ê
j e petitioner raises t e lone issue in t is petition as follows:Ê
WHEjHER AMOUNjS RECEIVED BY A LOCAL jOURISj AND jRAVEL AGENCY

INCLUDED IN A PACKAGE FEE FROM jOURISjS OR FOREIGN jOUR AGENCIES,
INjENDED OR EARMARKED FOR HOjEL ACCOMMODAjIONS FORM PARj OF
GROSS RECEIPjS SUBJECj jO 3% CONjRACjOR'S jAX. (, p. 23)Ê
j e petitioner premises t e issue raised on t e following assumptions:Ê
(, 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 effect, t e petitioner's lone issue is based on alleged error in t e findings of facts of

t e respondent court.Ê
j e well-settled doctrine is t at t e findings of facts of t e Court of jax Appeals are

binding on t is Court and absent strong reasons for t is Court to delve into facts, only
questions of law are open for determination. (Nilsen v. Commissioner of Customs, 89
SCRA 43 [1979]; Balbas v. Domingo, 21 SCRA 444 [1967]; Raymundo v. De Joya, 101
SCRA 495 [1980]). In t e recent case of 1 . , (164 SCRA 524
[1988]), we ruled t at t e factual findings of t e Court of jax Appeals are binding upon
t is court and can only be disturbed on appeal if not supported by substantial evidence.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
As quoted earlier, t e Court of jax Appeals sufficiently explained t e services of a local

travel agency, like t e erein private respondent, rendered to foreign customers. j e
respondent differentiated between t e package fee ² offered by bot t e local travel
agency and its correspondent counterpart tourist agencies abroad and t e requests
made by some tour agencies abroad to local tour agencies w erein t e otel room
c arges in some specific cases, would be paid to t e local otels t roug t em. In t e
latter case, t e correspondent court found as a fact ". . . t at 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." (, p.
42) j e following procedure is followed: j e billing otel sends t e bill to t e
respondent; t e local otel t en identifies t e individual tourist, or t e particular group of
tourist by code name or group designation plus t e duration of t eir stay for purposes of
payment; upon receipt of t e bill t e private respondent pays t e local otel wit t e
funds entrusted to it by t e foreign tour correspondent agency.Ê
Moreover, evidence presented by t e private respondent s ows t at t e amounts

entrusted to it by t e foreign tourist agencies to pay t e room c arges of foreign tourists
in local otels were not diverted to its funds; t is arrangement was only an act of
accommodation on t e part of t e private respondent. j is evidence was not refuted. Ê
In essence, t e petitioner's assertion t at t e otel room c arges entrusted to t e

private respondent were part of t e package fee paid by foreign tourists to t e
respondent is not correct. j e evidence is clear to t e effect t at t e amounts entrusted
to t e private respondent were exclusively for payment of otel room c arges of foreign
tourists entrusted to it by foreign travel agencies.Ê
As regards t e petitioner's second assumption, t e respondent court stated:Ê
. . . [C]ontrary to t e contention of respondent, t e records s ow, , in t e Examiners'

Works eet (Ex . j, p. 22, BIR Rec.), t at from July to December 1976 alone, t e
following sums made up t e otel room accommodations: Ê
July 1976 P 102,702.97Ê
Aug. 1976 121,167.19Ê
Sept. 1976 53,209.61Ê
²²²²²Ê
P 282,079.77Ê
=========Ê
Oct. 1976 P 71,134.80Ê
Nov. 1976 409,019.17Ê
Dec. 1976 142,761.55Ê
²²²²²Ê
622,915.51Ê
²²²²²Ê
Grand jotal P 904,995.29Ê
=========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
j e factual findings of t e respondent court are supported by substantial evidence,

ence binding upon t is Court.Ê
Wit t ese clarifications, t e issue to be t res ed out is as stated by t e respondent

court, to wit: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
j e petitioner opines t at t e gross receipts w ic are subject to t e 3% contractor's tax

pursuant to Section 191 (Section 205 of t e National Internal Revenue Code of 1977) of
t e jax Code include t e entire gross receipts of a taxpayer undiminis ed by any
amount. According to t e petitioner, t is interpretation is in consonance wit B.I.R.
Ruling No. 68-027, dated 23 October, 1968 (implementing Section 191 of t e jax Code)
w ic states t at t e 3% contractor's tax prescribed by Section 191 of t e jax Code is
imposed of t e gross receipts of t e contractor, "no deduction w atever being allowed
by said law." j e petitioner contends t at t e only exception to t is rule is w en t ere is
a law or regulation w ic would exempt suc gross receipts from being subjected to t e
3% contractor's tax citing t e case of
,

.0

7' !,
. (108 P il. 821 [1960]). j us, t e petitioner argues t at since t ere is
no law or regulation t at money entrusted, earmarked and paid for otel room c arges
s ould not form part of t e gross receipts, t en t e said otel room c arges are
included in t e private respondent's gross receipts for purposes of t e 3% contractor's
tax.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
In view of all t e foregoing, I am of t e opinion t at in t e submission of t e returns for

t e amusement tax of 10% (now it is 20% of t e "gross receipts", provided for in Section
260 of t e National Internal Revenue Code), t e 5% of t e total bets t at is set aside for
prizes to owners of winning orses s ould not be included by t e Manila Jockey Club,
Inc.Ê
j e Collector of t e Internal Revenue, owever ad a different opinion on t e matter

and demanded payment of amusement taxes. j e Court of jax Appeals reversed t e
Collector.Ê
We affirmed t e decision of t e Court of jax Appeals and stated: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
Needless to say, gross receipts of t e proprietor of t e amusement place s ould not

include any money w ic alt oug delivered to t e amusement place as been
especially earmarked by law or regulation for some person ot er t an t e proprietor. (j e
situation t us differs from one in w ic t e owner of t e amusement place, by a private
contract, wit its employees or partners, agrees to reserve for t em a portion of t e
proceeds of t e establis ment. ( Wong & Lee v. Coll. 104 P il. 469; 55 Off. Gaz. [51]
10539; Sy C uico v. Coll., 107 P il., 428; 59 Off. Gaz., [6] 896).Ê
In t e second case, t e facts of t e case are: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
j e Collector of Internal Revenue required t e Manila Jockey Club to pay amusement

tax on suc contributed fund P10.00 per orse in t e special novato race, olding t ey
were part of its gross receipts. j e Manila Jockey Club protested and resorted to t e
Court of jax Appeals, w ere it obtained favorable judgment on t e same grounds
sustained by said Court in connection wit t e 5% of t e total wager funds in t e erein-
mentioned first case; t ey were not receipts of t e Club.Ê
We resolved t e issue in t e following manner: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
As demonstrated in t e above-mentioned case, subject to tax under t e

jax Code do not include monies or receipts entrusted to t e taxpayer w ic do not
belong to t em and do not redound to t e taxpayer's benefit; and it is not necessary t at
t ere must be a law or regulation w ic would exempt suc monies and receipts wit in
t e meaning of gross receipts under t e jax Code.Ê
Parent etically, t e room c arges entrusted by t e foreign travel agencies to t e private

respondent do not form part of its gross receipts wit in t e definition of t e jax Code.
j e said receipts never belonged to t e private respondent. j e private respondent
never benefited from t eir payment to t e local otels. As stated earlier, t is
arrangement was only to accommodate t e foreign travel agencies.Ê
Anot er objection raised by t e petitioner is to t e respondent court's application of

Presidential Decree 31 w ic exempts foreign tourists from payment of otel room tax.
Section 1 t ereof provides: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
j e petitioner now alleges t at P.D. 31 as no relevance to t e case. He contends t at

t e tax under Section 191 of t e jax Code is in t e nature of an excise tax; t at it is a
tax on t e exercise of t e privilege to engage in business as a contractor and t at it is
imposed on, and collectible from t e person exercising t e privilege. He sums is
arguments by stating t at "w ile t e burden may be s ifted to t e person for w om t e
services are rendered by t e contractor, t e latter is not relieved from payment of t e
tax." (, p. 28)Ê
j e same arguments were submitted by t e Commissioner of Internal Revenue in t e

case of
,

.7
?
.,,
. (148 SCRA 36
[1987]), to justify is imposition of t e 3% contractor's tax under Section 191 of t e
National Internal Revenue Code on t e gross receipts Jo n Gotamco & Sons, Inc.,
realized from t e construction of t e World Healt Organization (WHO) office building in
Manila. We rejected t e petitioner's arguments and ruled:Ê
We agree wit t e Court of jax Appeals in rejecting t is contention of t e petitioner. Said

t e respondent court: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
Petitioner claims t at under t e aut ority of t e P ilippine Acetylene Company versus

Commissioner of Internal Revenue, et al., (127 P il. 461) t e 3% contractor's tax falls
directly on Gotamco and cannot be s ifted to t e WHO. j e Court of jax Appeals,
owever, eld t at t e said case is not controlling in t is case, since t e Host Agreement
specifically exempts t e WHO from "indirect taxes." We agree. j e P ilippine Acetylene
case involved a tax on sales of goods w ic under t e law ad to be paid by t e
manufacturer or producer; t e fact t at t e manufacturer or producer mig t ave added
t e amount of t e tax to t e price of t e goods did not make t e sales tax "a tax on t e
purc aser." j e Court eld t at t e sales tax must be paid by t e manufacturer or
producer even if t e sale is made to tax-exempt entities like t e National Power
Corporation, an agency of t e P ilippine Government, and to t e Voice of America, an
agency of t e United States Government.Ê
j e Host Agreement, in specifically exempting t e WHO from "indirect taxes,"

contemplates taxes w ic , alt oug not imposed upon or paid by t e Organization
directly, form part of t e price paid or to be paid by it.Ê
Accordingly, t e significance of P.D. 31 is clearly establis ed in determining w et er or

not otel room c arges of foreign tourists in local otels are subject to t e 3%
contractor's tax. As t e respondent court aptly stated:Ê
. . . If t e otel room c arges entrusted to petitioner will be subjected to 3% contractor's
tax as w at respondent would want to do in t is case, t at would in effect do indirectly
w at P.D. 31 would not like otel room c arges of foreign tourists to be subjected to otel
room tax. Alt oug , respondent may claim t at t e 3% contractor's tax is imposed upon a
different incidence . . t e gross receipts of petitioner tourist agency w ic e asserts
includes t e otel room c arges entrusted to it, t e effect would be to impose a tax, and
t oug different, it nonet eless imposes a tax actually on room c arges. One way or t e
ot er, it would not ave t e effect of promoting tourism in t e P ilippines as t at would
increase t e costs or expenses by t e addition of a otel room tax in t e overall
expenses of said tourists. (, pp. 51-52)Ê
WHEREFORE, t e instant petition is DENIED. j e decision of t e Court of jax Appeals

is AFFIRMED. No pronouncement as to costs.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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!petitioner,

vs.
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"respondents.Ê
u Ê
j is is a petition for review on certiorari filed by t e erein petitioner, Commissioner of

Internal Revenue, seeking t e reversal of t e decision of t e Court of jax Appeals
dated January 31, 1984 in CjA Case No. 2883 entitled "Procter and Gamble P ilippine
Manufacturing Corporation vs. Bureau of Internal Revenue," w ic declared petitioner
t erein, Procter and Gamble P ilippine Manufacturing Corporation to be entitled to t e
soug t refund or tax credit in t e amount of P4,832,989.00 representing t e alleged
overpaid wit olding tax at source and ordering payment t ereof. Ê
j e antecedent facts t at precipitated t e instant petition are as follows: Ê
Private respondent, Procter and Gamble P ilippine Manufacturing Corporation

( ereinafter referred to as PMC-P il.), a corporation duly organized and existing under
and by virtue of t e P ilippine laws, is engaged in business in t e P ilippines and is a
w olly owned subsidiary of Procter and Gamble, U.S.A. erein referred to as PMC-
USA), a non-resident foreign corporation in t e P ilippines, not engaged in trade and
business t erein. As suc PMC-U.S.A. is t e sole s are older or stock older of PMC
P il., as PMC-U.S.A. owns w olly or by 100% t e voting stock of PMC P il. and is
entitled to receive income from PMC-P il. in t e form of dividends, if not rents or
royalties. In addition, PMC-P il as a legal personality separate and distinct from PMC-
U.S.A. (Rollo, pp. 122-123). Ê
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
SEC. 24. Rates of tax on corporation. ² a) jax on domestic corporations. ² A tax is

ereby imposed upon t e taxable net income received during eac taxable year from all
sources by every corporation organized in, or geting under t e laws of t e P ilippines,
and partners ips, no matter ow created or organized, but not including general
professional partners ips, in accordance wit t e following: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
SECjION 1. j e first paragrap of subsection (b) of Section 24 of t e National Bureau

Internal Revenue Code, as amended, is ereby furt er amended to read as follows: Ê
(b) jax on foreign corporations. ² 41) Non-resident corporation. ² A

foreign corporation not engaged in trade or business in t e P ilippines,
including a foreign life insurance company not engaged in t e life
insurance business in t e P ilippines, s all pay a tax equal to 35% of t e
gross income received during its taxable year from all sources wit in t e
P ilippines, as interest (except interest on foreign loans w ic s all be
subject to 15% tax), dividends, rents, royalties, salaries, wages,
premiums, annuities, compensations, remunerations for tec nical
services or ot erwise, emoluments or ot er fixed or determinable,
annual, periodical or casual gains, profits, and income, and capital gains:
Provided, owever, j at premiums s all not include re-insurance
premium Provided, furt er, j at cinematograpy film owners, lessors, or
distributors, s all pay a tax of 15% on t eir gross income from sources
wit in t e P ilippines: Provided, still furt er j at on dividends received
from a domestic corporation able 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: Provided, finally j at regional or area eadquarters
establis ed in t e P ilippines by multinational corporations and w ic
eadquarters do not earn or derive income from t e P ilippines and
w ic act as supervisory, communications and coordinating centers for
t eir affiliates, subsidiaries or branc es in t e Asia-Pacific Region s all
not be subject to tax.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:
Dividend jax 15% tax Alleged of Ê

Income Ê wit eld Ê underÊ
PMC- at source tax over Ê
Ê
U.S.A. atÊ sparing Ê
ÊÊ 35% Ê proviso Ê payment Ê
P17,707,46 P6,196,61 P2,656,11 P3,541,49
0Ê 1Ê 9Ê 2Ê
6,457,485 Ê 2,260,119 Ê 968,622 Ê 1,291,497 Ê
P24,164,94 P8,457,73 P3,624,94 P4,832,98
6Ê 1Ê 1Ê 9Ê
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 t e ot er and t erein respondent, Commissioner of qqqInterlaal Revenue, in is

answer, prayed for t e dismissal of said Petition and for t e denial of t e claim for
refund. (Rollo, p. 48)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
Petitioner raised t e following assignments of errors: Ê
IÊ
jHE COURj OF jAX APPEALS ERRED IN HOLDING WIjHOUj ANY BASIS IN

FACj AND IN LAW, jHAj jHE HEREIN RESPONDENj PROCjER & GAMBLE
PHILIPPINE MANUFACjURING CORPORAjION (PMC-PHIL. FOR SHORj)IS
ENjIjLED jO jHE SOUGHj REFUND OR jAX CREDIj OF P4,832,989.00,
REPRESENjING ALLEGEDLY jHE DIVIDED jAX OVER WIjHHELD BY PMC-PHIL.
UPON REMIjjANCE OF DIVIDEND INCOME IN jHE jOjAL SUM OF
P24,164,946.00 jO PROCjER & GAMBLE, USA (PMC-USA FOR SHORj).Ê
IIÊ
jHE COURj OF jAX APPEALS ERRED IN HOLDING, WIjHOUj ANY BASIS IN

FACj AND IN LAW, jHAj PMC-USA, A NON-RESIDENj FOREIGN CORPORAjION
UNDER SECjION 24(b) (1) OF jHE PHILIPPINE jAX CODE AND A DOMESjIC
CORPORAjION DOMICILED IN jHE UNIjED SjAjES, IS ENjIjLED UNDER jHE
U.S. jAX CODE AGAINSj IjS U.S. FEDERAL jAXES jO A UNIjED SjAjES
FOREIGN jAX CREDIj EQUIVALENj jO Aj LEASj jHE 20 PERCENjAGE-POINj
PORjION (OF jHE 35 PERCENj DIVIDEND jAX) SPARED OR WAIVED OR
OjHERWISE CONSIDERED OR DEEMED PAID BY jHE PHILIPPINE
GOVERNMENj.Ê
j e sole issue in t is case is w et er or not private respondent is entitled to t e

preferential 15% tax rate on dividends declared and remitted to its parent corporation. Ê
From t is issue two questions are posed by t e petitioner Commissioner of Internal

Revenue, and t ey are (1) W et er or not PMC-P il. is t e proper party to claim t e
refund and (2) W et er or not t e U. S. allows as tax credit t e "deemed paid" 20%
P ilippine jax on suc dividends? Ê
j e petitioner maintains t at it is t e PMC-U.S.A., t e tax payer and not PMC-P il. t e

remitter or payor of t e dividend income, and a mere wit olding agent for and in be alf
of t e P ilippine Government, w ic s ould be legally entitled to receive t e refund if
any. (Rollo, p. 129) Ê
It will be observed at t e outset t at petitioner raised t is issue for t e first time in t e

Supreme Court. He did not raise it at t e administrative level, nor at t e Court of jax
Appeals. As clearly ruled by Us "jo allow a litigant to assume a different posture w en
e comes before t e court and c allenges t e position e ad accepted at t e
administrative level," would be to sanction a procedure w ereby t e Court-w ic is
supposed to review administrative determinations would not review, but determine and
decide for t e first time, a question not raised at t e administrative forum." j us it is well
settled t at under t e same underlying principle of prior ex austion of administrative
remedies, on t e judicial level, issues not raised in t e lower court cannot generally be
raised for t e first time on appeal. (Pampanga Sugar Dev. Co., Inc. v. CIR, 114 SCRA
725 [1982]; Garcia v. C.A., 102 SCRA 597 [1981]; Matialonzo v. Servidad, 107 SCRA
726 [1981]), Ê
Nonet eless it is axiomatic t at t e State can never be in estoppel, and t is is

particularly true in matters involving taxation. j e errors of certain administrative officers
s ould never be allowed to jeopardize t e government's financial position.Ê
j e submission of t e Commissioner of Internal Revenue t at PMC-P il. is but a

wit olding agent of t e government and t erefore cannot claim reimbursement of t e
alleged over paid taxes, is completely meritorious. j e real party in interest being t e
mot er corporation in t e United States, it follows t at American entity is t e real party
in interest, and s ould ave been t e claimant in t is case. Ê
Closely intertwined wit t e first assignment of error is t e issue of w et er or not PMC-

U.S.A. ² a non-resident foreign corporation under Section 24(b)(1) of t e jax Code
(t e subsidiary of an American) a domestic corporation domiciled in t e United States,
is entitled under t e U.S. jax Code to a United States Foreign jax Credit equivalent to
at least t e 20 percentage paid portion (of t e 35% dividend tax) spared or waived as
ot erwise considered or deemed paid by t e government. j e law pertinent to t e issue
is Section 902 of t e U.S. Internal Revenue Code, as amended by Public Law 87-834,
t e law governing tax credits granted to U.S. corporations on dividends received from
foreign corporations, w ic to t e extent applicable reads:Ê
SEC. 902 - CREDIj FOR CORPORAjE SjOCKHOLDERS IN FOREIGN

CORPORAjION.Ê
(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
xxx xxx xxxÊ
(c) Applicable Rules Ê
(1)

- For purpose of t is section, t e term 'accumulated
profits' means wit respect to any foreign corporation. 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
j e Secretary or is delegate s all ave full power to determine from t e accumulated

profits of w at year or years suc dividends were paid, treating dividends paid in t e first
20 days of any year as aving been paid from t e accumulated profits of t e preceding
year or years (unless to is satisfaction s ows ot erwise), and in ot er respects treating
dividends as aving been paid from t e most recently accumulated gains, profits, or
earnings. .. (Rollo, pp. 55-56)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
PREMISES CONSIDERED, t e petition is GRANjED and t e decision appealed from,

is REVERSED and SEj ASIDE. Ê
SO ORDERED.Ê
á

petitioner,
vs.
)
á
á

respondents.
x
This is a petition for review on certiorari of the January 19, 1984 Decision of the Court of Tax
Appeals ë in C.T.A. Case No.2884, entitled Wander Philippines, Inc. vs. Commissioner of Internal
Revenue, holding that Wander Philippines, Inc. is entitled to the preferential rate of 15%
withholding tax on the dividends remitted to its foreign parent company, the Glaro S.A. Ltd. of
Switzerland, a non-resident foreign corporation.
Herein private respondent, Wander Philippines, Inc. (Wander, for short), is a domestic
corporation organized under Philippine laws. It is wholly-owned subsidiary of the Glaro S.A. Ltd.
(Glaro for short), a Swiss corporation not engaged in trade or business in the Philippines.
On July 18, 1975, Wander filed its withholding tax return for the second quarter ending June 30,
1975 and remitted to its parent company, Glaro dividends in the amount of P222,000.00, on
which 35% withholding tax thereof in the amount of P77,700.00 was withheld and paid to the
Bureau of Internal Revenue.
Again, on July 14, 1976, Wander filed a withholding tax return for the second quarter ending
June 30, 1976 on the dividends it remitted to Glaro amounting to P355,200.00, on wich 35% tax in
the amount of P124,320.00 was withheld and paid to the Bureau of Internal Revenue.
On July 5, 1977, Wander filed with the Appellate Division of the Internal Revenue a claim for
refund and/or tax credit in the amount of P115,400.00, contending that it is liable only to 15%
withholding tax in accordance with Section 24 (b) (1) of the Tax Code, as amended by
Presidential Decree Nos. 369 and 778, and not on the basis of 35% which was withheld and paid
to and collected by the government.
Petitioner herein, having failed to act on the above-said claim for refund, on July 15, 1977,
Wander filed a petition with respondent Court of Tax Appeals.
On October 6, 1977, petitioner file his Answer.
On January 19, 1984, respondent Court of Tax Appeals rendered a Decision, the decretal portion
of which reads:
WHEREFORE, respondent is hereby ordered to grant a refund and/or tax credit to
petitioner in the amount of P115,440.00 representing overpaid withholding tax on
dividends remitted by it to the Glaro S.A. Ltd. of Switzerland during the second
quarter of the years 1975 and 1976.
On March 7, 1984, petitioner filed a Motion for Reconsideration but the same was denied in a
Resolution dated August 13, 1984. Hence, the instant petition.
**"*'
1. whether or not private respondent Wander is entitled to the preferential rate of 15%
withholding tax on dividends declared and remitted to its parent corporation, Glaro.
2. Whether petitioners appeal is proper.
'
Petitioner maintains and argues that it is Glaro the tax payer, and not Wander, the remitter or
payor of the dividend income and a mere withholding agent for and in behalf of the Philippine
Government, which should be legally entitled to receive the refund if any.
It will be noted, however, that Petitioner's above-entitled argument is being raised for the first
time in this Court. It was never raised at the administrative level, or at the Court of Tax Appeals.
Thus, it is well settled that under the same underlying principle of prior exhaustion of
administrative remedies, on the judicial level, issues not raised in the lower court cannot be
raised for the first time on appeal.
In any event, the submission of petitioner that Wander is but a withholding agent of the
government and therefore cannot claim reimbursement of the alleged overpaid taxes, is
untenable. It will be recalled, that said corporation is first and foremost a wholly owned
subsidiary of Glaro. The fact that it became a withholding agent of the government which was
not by choice but by compulsion under Section 53 (b) of the Tax Code, cannot by any stretch of
the imagination be considered as an abdication of its responsibility to its mother company. Thus,
this Court construing Section 53 (b) of the Internal Revenue Code held that "the obligation
imposed thereunder upon the withholding agent is compulsory." It is a device to insure the
collection by the Philippine Government of taxes on incomes, derived from sources in the
Philippines, by aliens who are outside the taxing jurisdiction of this Court. In fact, Wander may be
assessed for deficiency withholding tax at source, plus penalties consisting of surcharge and
interest (Section 54, NLRC). Therefore, as the Philippine counterpart, Wander is the proper entity
who should for the refund or credit of overpaid withholding tax on dividends paid or remitted by
Glaro.
Closely intertwined with the first assignment of error is the issue of whether or not Switzerland, the
foreign country where Glaro is domiciled, grants to Glaro a tax credit against the tax due it,
equivalent to 20%, or the difference between the regular 35% rate of the preferential 15% rate.
The dispute in this issue lies on the fact that Switzerland does not impose any income tax on
dividends received by Swiss corporation from corporations domiciled in foreign countries.
Section 24 (b) (1) of the Tax Code, as amended by P.D. 369 and 778, the law involved in this
case, reads:
Sec. 1. The first paragraph of subsection (b) of Section 24 of the National Internal
Revenue Code, as amended, is hereby further amended to read as follows:
(b) Tax on foreign corporations. ³ 1) Non-resident corporation. A
foreign corporation not engaged in trade or business in the
Philippines, including a foreign life insurance company not
engaged in the life insurance business in the Philippines, shall pay a
tax equal to 35% of the gross income received during its taxable
year from all sources within the Philippines, as interest (except
interest on foreign loans which shall be subject to 15% tax),
dividends, premiums, annuities, compensations, remuneration for
technical services or otherwise, emoluments or other fixed or
determinable, annual, periodical or casual gains, profits, and
income, and capital gains: ... Provided, still further That on
dividends received from a domestic corporation liable to tax under
this Chapter, the tax shall be 15% of the dividends received, which
shall be collected and paid as provided in Section 53 (d) of this
Code, subject to the condition that the country in which the non-
resident foreign corporation is domiciled shall allow a credit against
the tax due from the non-resident foreign corporation taxes
deemed to have been paid in the Philippines equivalent to 20%
which represents the difference between the regular tax (35%) on
corporations and the tax (15%) dividends as provided in this
section: ...
From the above-quoted provision, the dividends received from a domestic corporation liable to
tax, the tax shall be 15% of the dividends received, subject to the condition that the country in
which the non-resident foreign corporation is domiciled shall allow a credit against the tax due
from the non-resident foreign corporation taxes deemed to have been paid in the Philippines
equivalent to 20% which represents the difference between the regular tax (35%) on
corporations and the tax (15%) dividends.
In the instant case, Switzerland did not impose any tax on the dividends received by Glaro.
Accordingly, Wander claims that full credit is granted and not merely credit equivalent to 20%.
Petitioner, on the other hand, avers the tax sparing credit is applicable only if the country of the
parent corporation allows a foreign tax credit not only for the 15 percentage-point portion
actually paid but also for the equivalent twenty percentage point portion spared, waived or
otherwise deemed as if paid in the Philippines; that private respondent does not cite anywhere
a Swiss law to the effect that in case where a foreign tax, such as the Philippine 35% dividend
tax, is spared waived or otherwise considered as if paid in whole or in part by the foreign
country, a Swiss foreign-tax credit would be allowed for the whole or for the part, as the case
may be, of the foreign tax so spared or waived or considered as if paid by the foreign country.
While it may be true that claims for refund are construed strictly against the claimant,
nevertheless, the fact that Switzerland did not impose any tax or the dividends received by
Glaro from the Philippines should be considered as a full satisfaction of the given condition. For,
as aptly stated by respondent Court, to deny private respondent the privilege to withhold only
15% tax provided for under Presidential Decree No. 369, amending Section 24 (b) (1) of the Tax
Code, would run counter to the very spirit and intent of said law and definitely will adversely
affect foreign corporations" interest here and discourage them from investing capital in our
country.
Besides, it is significant to note that the conclusion reached by respondent Court is but a
confirmation of the May 19, 1977 ruling of petitioner that "since the Swiss Government does not
impose any tax on the dividends to be received by the said parent corporation in the
Philippines, the condition imposed under the above-mentioned section is satisfied. Accordingly,
the withholding tax rate of 15% is hereby affirmed."
Moreover, as a matter of principle, this Court will not set aside the conclusion reached by an
agency such as the Court of Tax Appeals which is, by the very nature of its function, dedicated
exclusively to the study and consideration of tax problems and has necessarily developed an
expertise on the subject unless there has been an abuse or improvident exercise of authority
(Reyes vs. Commissioner of Internal Revenue, 24 SCRA 198, which is not present in the instant
case.
WHEREFORE, the petition filed is DISMISSED for lack of merit.
( [<= 0&% 5/5 8petitioner,

vs.
! "
respondents.Ê
0 & 5

á u Ê
Petitioner, Marubeni Corporation, representing itself as a foreign corporation duly

organized and existing under t e laws of Japan and duly licensed to engage in business
under P ilippine laws wit branc office at t e 4t Floor, FEEMI Building, Aduana
Street, Intramuros, Manila seeks t e reversal of t e decision of t e Court of jax
Appeals dated February 12, 1986 denying its claim for refund or tax credit in t e
amount of P229,424.40 representing alleged overpayment of branc profit remittance
tax wit eld from dividends by Atlantic Gulf and Pacific Co. of Manila (AG&P). Ê
j e following facts are undisputed: Marubeni 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. 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
1981Ê FIRSj jHIRD jOjAL OF

QUARjER QUARjER FIRSj and
(t ree mont s (t ree mont s jHIRD quartersÊ
ended 3.31.81) ended 9.30.81)Ê
(In Pesos)Ê
Cas Dividends PaidÊ 849,720.44Ê 849,720.00Ê 1,699,440.00Ê
10% Dividend jax 84,972.00Ê 84,972.00Ê 169,944.00Ê

Wit eldÊ
Cas Dividend net of 10% 764,748.00Ê 764,748.00Ê 1,529,496.00Ê

Dividend jax Wit eldÊ
15% Branc Profit 114,712.20Ê 114,712.20Ê 229,424.40 Ê

Remittance jax Wit eldÊ
Net Amount Remitted to 650,035.80Ê 650,035.80Ê 1,300,071.60Ê

Petitioner 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
In reply to petitioner's query, Acting Commissioner Ruben Anc eta ruled: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
On June 14, 1982, respondent Commissioner of Internal Revenue denied petitioner's

claim for refund/credit of P229,424.40 on t e following grounds: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. Ê
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 (sic) 25 %, t e amount refundable offsets t e
liability, ence, not ing is left to be refunded. Ê
Petitioner appealed to t e Court of jax Appeals w ic affirmed t e denial of t e refund

by t e Commissioner of Internal Revenue in its assailed judgment of February 12, 1986.

Ê
In support of its rejection of petitioner's claimed refund, respondent jax Court explained:Ê
W atever t e dialectics employed, no amount of sop istry can ignore t e fact t at t e

dividends in question are income taxable to t e Marubeni Corporation of jokyo, Japan.
j e said dividends were distributions made by t e Atlantic, Gulf and Pacific Company of
Manila to its s are older out of its profits on t e investments of t e Marubeni Corporation
of Japan, a non-resident foreign corporation. j e investments in t e Atlantic Gulf &
Pacific Company of t e Marubeni Corporation of Japan were directly made by it and t e
dividends on t e investments were likewise directly remitted to and received by t e
Marubeni Corporation of Japan. Petitioner Marubeni Corporation P ilippine Branc as
no participation or intervention, directly or indirectly, in t e investments and in t e receipt
of t e dividends. And it appears t at t e funds invested in t e Atlantic Gulf & Pacific
Company did not come out of t e funds infused by t e Marubeni Corporation of Japan to
t e Marubeni Corporation P ilippine Branc . As a matter of fact, t e Central Bank of t e
P ilippines, in aut orizing t e remittance of t e foreign exc ange equivalent of (sic) t e
dividends in question, treated t e Marubeni Corporation of Japan as a non-resident
stock older of t e Atlantic Gulf & Pacific Company based on t e supporting documents
submitted to it. Ê
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
3
branc . Ê
Hence, t e instant petition for review. Ê
It is t e argument of petitioner corporation t at following t e principal-agent relations ip

t eory, Marubeni Japan is likewise a resident foreign corporation subject only to t e 10
% intercorporate final tax on dividends received from a domestic corporation in
accordance wit Section 24(c) (1) of t e jax Code of 1977 w ic states:Ê
Dividends received by a domestic or resident foreign corporation liable to tax under t is
Code ² (1) S all be subject to a final tax of 10% on t e total amount t ereof, w ic s all
be collected and paid as provided in Sections 53 and 54 of t is Code ....Ê
Public respondents, owever, are of t e contrary view t at Marubeni, Japan, being a

non-resident foreign corporation and not engaged in trade or business in t e
P ilippines, is subject to tax on income earned from P ilippine sources at t e rate of 35
% of its gross income under Section 24 (b) (1) of t e same Code w ic reads: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
Article 10 (1) Dividends paid by a company w ic is a resident of a Contracting State to a

resident of t e ot er Contracting State may be taxed in t at ot er Contracting State. Ê
(2) However, suc dividends may also be taxed in t e Contracting State of w ic t e

company paying t e dividends is a resident, and according to t e laws of t at Contracting
State, but if t e recipient is t e beneficial owner of t e dividends t e tax so c arged s all
not exceed; Ê
(a) . . .Ê
(b) 25 per cent of t e gross amount of t e dividends in all ot er cases.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
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. Ê
j e Solicitor General as adequately refuted petitioner's arguments in t is wise:Ê

j e general rule t at a foreign corporation is t e same juridical entity as its branc office
in t e P ilippines cannot apply ere. j is rule is based on t e premise t at t e business
of t e foreign corporation is conducted t roug its branc office, following t e principal
agent relations ip t eory. It is understood t at t e branc becomes its agent ere. So
t at w en t e foreign corporation transacts business in t e P ilippines independently of
its branc , t e principal-agent relations ip is set aside. j e transaction becomes one of
t e foreign corporation, not of t e branc . Consequently, t e taxpayer is t e foreign
corporation, not t e branc or t e resident foreign corporation. Ê
Corollarily, if t e business transaction is conducted t roug t e branc office, t e latter

becomes t e taxpayer, and not t e foreign corporation. Ê
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 %.Ê
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). 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
Public respondents likewise erred in automatically imposing t e 25 % rate under Article

10 (2) (b) of t e jax jreaty as if t is were a flat rate. A closer look at t e jreaty reveals
t at t e tax rates fixed by Article 10 are t e maximum rates as reflected in t e p rase
"s all not exceed." j is means t at any tax imposable by t e contracting state
concerned s ould not exceed t e 25 % limitation and t at said rate would apply only if
t e tax imposed by our laws exceeds t e same. In ot er words, by reason of our
bilateral negotiations wit Japan, we ave agreed to ave our rig t to tax limited to a
certain extent to attain t e goals set fort in t e jreaty. Ê
Petitioner, being a non-resident foreign corporation wit respect to t e transaction in

question, t e applicable provision of t e jax Code is Section 24 (b) (1) (iii) in
conjunction wit t e P ilippine-Japan jreaty of 1980. Said section provides: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
Proceeding to apply t e above section to t e case at bar, petitioner, being a non-

resident foreign corporation, as a general rule, is taxed 35 % of its gross income from all
sources wit in t e P ilippines. [Section 24 (b) (1)]. Ê
However, a discounted rate of 15% is given to petitioner on dividends received from a

domestic corporation (AG&P) on t e condition t at its domicile state (Japan) extends in
favor of petitioner, a tax credit of not less t an 20 % of t e dividends received. j is 20
% represents t e difference between t e regular tax of 35 % on non-resident foreign
corporations w ic petitioner would ave ordinarily paid, and t e 15 % special rate on
dividends received from a domestic corporation. Ê
Consequently, petitioner is entitled to a refund on t e transaction in question to be

computed as follows:Ê
jotal cas dividend paid ................P1,699,440.00

less 15% under Sec. 24
(b) (1) (iii ) .........................................254,916.00
------------------Ê
Cas dividend net of 15 % tax

due petitioner ...............................P1,444.524.00
less net amount
actually remitted .............................1,300,071.60
-------------------Ê
Amount to be refunded to petitioner

representing overpayment of
taxes on dividends remitted ..............P 144 452.40
===========Ê
It is readily apparent t at t e 15 % tax rate imposed on t e dividends received by a

foreign non-resident stock older from a domestic corporation under Section 24 (b) (1)
(iii) is easily wit in t e maximum ceiling of 25 % of t e gross amount of t e dividends as
decreed in Article 10 (2) (b) of t e jax jreaty. Ê
j ere is one final point t at must be settled. Respondent Commissioner of Internal

Revenue is laboring under t e impression t at t e Court of jax Appeals is covered by
Batas Pambansa Blg. 129, ot erwise known as t e Judiciary Reorganization Act of
1980. He alleges t at t e instant petition for review was not perfected in accordance
wit Batas Pambansa Blg. 129 w ic provides t at "t e period of appeal from final
orders, resolutions, awards, judgments, or decisions of any court in all cases s all be
fifteen (15) days counted from t e notice of t e final order, resolution, award, judgment
or decision appealed from .... Ê
j is is completely untenable. j e cited BP Blg. 129 does not include t e Court of jax
Appeals w ic as been created by virtue of a special law, Republic Act No. 1125.
Respondent court is not among t ose courts specifically mentioned in Section 2 of BP
Blg. 129 as falling wit in its scope.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
Records s ow t at petitioner received notice of t e Court of jax Appeals's decision

denying its claim for refund on April 15, 1986. On t e 30t day, or on May 15, 1986 (t e
last day for appeal), petitioner filed a motion for reconsideration w ic respondent court
subsequently denied on November 17, 1986, and notice of w ic was received by
petitioner on November 26, 1986. jwo days later, or on November 28, 1986, petitioner
simultaneously filed a notice of appeal wit t e Court of jax Appeals and a petition for
review wit t e Supreme Court. ü From t e foregoing, it is evident t at t e instant
appeal was perfected well wit in t e 30-day period provided under R.A. No. 1125, t e
w ole 30-day period to appeal aving begun to run again from notice of t e denial of
petitioner's motion for reconsideration. Ê
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.Ê
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)* 61

7 Wise & Co., Inc. et. al (Plaintiff-appellants) were stock olders of Manila Wine Merc ants, Ltd., a
foreign corporation duly aut orized to do business in t e P ilippines. j e Board of Directors of Manila
Wine Merc ants, Ltd., (HK Co.), recommended to t e stock olders t at t ey adopt resolutions necessary
to sell its business and assets to Manila Wine Merc ants, Inc., a P ilippine corporation, (PH Co.), for t e
sum of P400,000. j e HK Co. made a distribution from its earnings for t e year 1937 to its stock olders.
As a result of t e sale of its business and assets to PH Co., a surplus was realized and t e HK Co.
distributed t is surplus to t e s are olders (Appellants included).
P ilippine income tax ad been paid by HK Co. on t e said surplus from w ic t e said distributions were
made. At a special general meeting of t e s are olders of t e HK Co., t e stock olders by resolution
directed t at t e company be voluntarily liquidated and its capital distributed among t e stock olders. j e
Appellants duly filed Income jax Returns, on w ic t e defendant, Meer (CIR) made deficiency
assessments. Plantiffs paid under written protest and soug t recovery. CFI ruled in favor of CIR ence
t e appeal.
: 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."

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c 

    c petitioners,

    

j e distinction between co-owners ip and an unregistered partners ip or joint venture

Petitioners protested t e said assessment in a letter of June 26, 1979 asserting t at

In a reply of August 22, 1979, respondent Commissioner informed petitioners t at in t e

It ruled t at on t e basis of t e principle enunciated in O

In a separate dissenting opinion, Associate Judge Constante Roaquin stated t at

Hence, t is petition w erein petitioners invoke as basis t ereof t e following alleged

A. IN HOLDING AS PRESUMPjIVELY CORRECj jHE DEjERMINAjION OF jHE

B. IN MAKING A FINDING, SOLELY ON jHE BASIS OF ISOLAjED SALE

C. IN FINDING jHAj jHE INSjANj CASE IS SIMILAR jO jHE EVANGELISjA CASE

j e basis of t e subject decision of t e respondent court is t e ruling of t is Court in

j e issue in t is case is w et er petitioners are subject to t e tax on corporations

Sec. 24.   

Sec. 84(b). j e term "corporation" includes partners ips, no matter ow created or

Article 1767 of t e Civil Code of t e P ilippines provides: Ê

By t e contract of partners ip two or more persons bind t emselves to contribute money,

3.     

4. Since August, 1945,    !

In t e present case, t ere is no evidence t at petitioners entered into an agreement to

In Evangelists,     

j us, in t e concurring opinion of Mr. Justice Angelo Bautista in O

( !     .

   

j e common owners ip of property does not itself create a partners ip between t e

j e s aring of returns does not in itself establis a partners ip w et er or not t e

In t e present case, t ere is clear evidence of co-owners ip between t e petitioners.

And even assuming for t e sake of argument t at suc unregistered partners ip

WHEREFROM, t e petition is ereby GRANjED and t e decision of t e respondent

ÊÊÊÊÊÊÊÊÊÊ ÊÊ  ÊÊÊÊ Ê  Ê  ÊÊ  Ê Ê

ÊÊÊÊÊÊÊÊÊÊÊÊ Ê Ê  á 

ÊÊÊÊÊÊÊÊÊÊ Ê!#Ê!#($Ê Ê  Ê Ê Ê Ê ÊÊÊÊÊ  ÊÊÊ

ÊÊÊÊÊÊÊÊÊÊ-ÊÊÊÊ Ê  ÊÊ Ê Ê Ê6 Ê&Ê!#((Ê ÊÊ Ê

ÊÊÊÊÊÊÊÊÊÊÊÊÊ Ê  $%á 

ÊÊÊÊÊÊÊÊÊÊ-Ê ÊÊ   Ê/ÊÊÊ

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ÊÊÊÊÊÊÊÊÊÊBÊ ÊÊÊÊÊ  ÊÊÊ  ÊÊÊÊÊ Ê  Ê  ÊÊ Ê

 Ê Ê Ê ÊÊÊ  ÊÊÊÊÊ Ê  Ê?

ÊÊ  Ê Ê  :Ê  Ê  Ê ÊÊ Ê  Ê  Ê

 ÊÊÊ ÊÊ/Ê6  Ê* Ê- ÊÊ  ÊÊÊ/Ê

= ÊÊÊ ÊÊÊ  Ê Ê  ÊÊ  ÊÊÊ  ÊÊÊ

Ê Ê ÊÊ  ÊÊÊ  ÊÊÊÊ*  Ê9Ê!#((Ê

ÊÊÊÊÊ ÊÊ*ÊCÊ3  Ê Ê Ê  Ê ÊÊÊ

Ê!#($ÊÊÊÊ ÊÊ   ÊÊÊ ÊÊ Ê ÊÊ

%ÊÊ  ÊÊÊÊ Ê Ê Ê  Ê  Ê  ÊÊ ÊÊÊ

%ÊÊÊ  Ê  ÊÊÊÊÊÊÊÊÊ#   á 

Ê  Ê  Ê8 ÊÊ Ê ÊÊÊÊÊÊÊ ÊÊ

Ê /ÊÊ ÊÊÊ  Ê  Ê  Ê  Ê ÊÊÊ Ê

ÊÊÊ ÊÊ  Ê Ê ÊÊ 

BÊ Ê  Ê ÊÊ ÊÊÊ ÊÊ ÊÊÊÊ*ÊCÊ3  Ê

ÊÊÊÊÊ  ÊÊÊ ÊÊÊ  Ê  ÊÊÊÊÊ Ê

     '   '

Pursuant to "reinsurance treaties," a number of local insurance firms formed t emselves

j e petitioners are 41 non-life insurance corporations, organized and existing under t e

On January 27, 1986, t e Commissioner of Internal Revenue denied t e protest and

Net income per information return P3,737,370.00Ê

Income tax due t ereon P1,298,080.00Ê

Add: 14% Int. fr. 4/15/76Ê

jOjAL AMOUNj DUE & P1,843,273.60Ê

Dividend paid to Munic Ê

Reinsurance Company P3,728,412.00Ê

c

c petitioners,

Sec. 24.

3.

4. Since August, 1945, !

In Evangelists,

( ! .

ÊÊÊÊÊÊÊÊÊÊ ÊÊ ÊÊÊÊ Ê Ê ÊÊ Ê Ê

ÊÊÊÊÊÊÊÊÊÊÊÊ Ê Êá

ÊÊÊÊÊÊÊÊÊÊ Ê!#Ê!#($Ê Ê Ê ÊÊ Ê ÊÊÊÊÊ ÊÊÊ

ÊÊÊÊÊÊÊÊÊÊ-ÊÊÊÊ Ê ÊÊ Ê Ê Ê6 Ê&Ê!#((Ê ÊÊ Ê

ÊÊÊÊÊÊÊÊÊÊÊÊÊ Ê $%á

ÊÊÊÊÊÊÊÊÊÊ-Ê ÊÊ Ê/ÊÊÊ

ÊÊÊÊÊÊÊÊÊÊÊ Ê ÊÊ Ê? @Ê ÊÊÊÊ ÊÊÊ

ÊÊÊÊÊÊÊÊÊÊBÊÊÊÊÊÊ ÊÊÊ ÊÊÊÊÊ Ê Ê ÊÊ Ê

Ê Ê Ê ÊÊÊ ÊÊÊÊÊ Ê Ê?

ÊÊ Ê Ê :Ê Ê Ê ÊÊ Ê Ê Ê

ÊÊÊ ÊÊ/Ê6 Ê* Ê-ÊÊ ÊÊÊ/Ê

=ÊÊÊ ÊÊÊ Ê Ê ÊÊ ÊÊÊ ÊÊÊ

Ê Ê ÊÊ ÊÊÊ ÊÊÊÊ* Ê9Ê!#((Ê

ÊÊÊÊÊ ÊÊ*ÊCÊ3 Ê Ê Ê Ê ÊÊÊ

Ê!#($ÊÊÊÊ ÊÊ ÊÊÊ ÊÊ Ê ÊÊ

%ÊÊ ÊÊÊÊ Ê Ê Ê Ê Ê ÊÊÊÊÊ

%ÊÊÊ Ê ÊÊÊÊÊÊÊÊÊ# á

Ê Ê Ê8 ÊÊÊ ÊÊÊÊÊÊÊ ÊÊ

Ê /ÊÊ ÊÊÊ Ê Ê Ê Ê ÊÊÊ Ê

ÊÊÊ ÊÊ Ê Ê ÊÊ

BÊ Ê Ê ÊÊ ÊÊÊ ÊÊ ÊÊÊÊ*ÊCÊ3 Ê

ÊÊÊÊÊ ÊÊÊ ÊÊÊ Ê ÊÊÊÊÊ Ê

' '

Sec. 24. Rate of tax on corporations. ² (a)

Ê á

!4 55 61

( ! )# "

( [<= 0&% 5.5 84 55 61

! "

11% 7): : % 551 15 . 15

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