Taxation, 2011 Bar — Question 40
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Anion, Inc. received a notice of assessment and a letter from the BIR demanding the payment of P3 million pesos in deficiency income taxes for the taxable year 2008. The financial statements of the company show that it has been suffering financial reverses from the year 2009 up to the present. Its asset position shows that it could pay only P500,000.00 which it offered as a compromise to the BIR. Which among the following may the BIR require to enable it to enter into a compromise with Anion, Inc.? (A) Anjon must show it has faithfully paid taxes before 2009. (B) Anion must promise to pay its deficiency when financially able. (C) Anion must waive its right to the secrecy of its bank deposits. (D) Anion must immediately deposit the P500,000.00 with the BIR.
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