G.R. No. 168118 - Manila Banking Corp. vs. Commissioner of Internal Revenue

Manila Banking Corp. vs. Commissioner of Internal Revenue

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Title Supreme Court: Manila Banking Corp. vs. Commissioner of Internal Revenue

Case: G.R. No. 168118

Decision Date: Aug 28, 2006

A thrift bank, closed for 12 years, sought a refund of MCIT paid upon reopening. SC ruled it qualified for a 4-year grace period, treating its resumption as a new operation, entitling it to a refund.

commercial bank

insolvency

refund

Standard 13 min

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