G.R. No. 195147 - COMMISSIONER OF INTERNAL REVENUE, VS. PHILIPPINE NATIONAL BANK.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE , the instant Petition for Review is hereby PARTIALLY GRANTED. Accordingly, the assessment for deficiency documentary stamp taxes on petitioner's Interbank Call Loans for taxable year 1997 is hereby CANCELLED. However, the assessment for deficiency documentary stamp tax on petitioner's Special Savings Account for taxable year 1997 is hereby AFFIRMED. Petitioner is hereby ORDERED to PAY respondent the amount of FOURTEEN MILLION SIX HUNDRED EIGHTY EIGHT THOUSAND FOUR HUNDRED SIXTY THREE PESOS AND FIFTEEN CENTAVOS (P14,688,463.15), representing deficiency documentary stamp tax for taxable year 1997, computed as follows: Special Savings Account 7,833,847,016.00 Documentary Stamp Tax (0.30/200) 11,750,770.52 Surcharge - 25% 2,937,692.63 Total Amount Due 14,688,463.15 In addition, petitioner is hereby ORDERED to PAY a penalty equivalent to twenty five percent (25%) and a delinquency interest equivalent to twenty percent (20%) per annum on the amount of P14,688,463.15 from February 15, 2004 until such amount is paid in full, pursuant to Sections 248 and 249 of the Tax Code. SO ORDERED.