Is a pawnshop subject to value-added tax

Assignment Help Business Law and Ethics

Reference no: EM133455027

Assignment:

Tambunting Pawnshop, Inc. (Tambunting), a domestic corporation duly licensed to engage in the pawnshop business, received an assessment notice from the Bureau of Internal Revenue (BIR), demanding the payment of deficiency Value- Added Tax (VAT)

Tambunting, disclaiming its liability, protested the assessment with the Commissioner of Internal Revenue (CIR), arguing that a pawnshop business was not subject to VAT.

Tambunting's main argument is that pawnshops are not within the concept of "all services" and "similar services" as provided in Section 108 (A) of the National Internal Revenue Code. Tambunting also argues that the enumeration under Section 108(A) of the National Internal Revenue Code of services subject to VAT is exclusive.

ISSUE: Is a pawnshop subject to value-added tax?

Reference no: EM133455027

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