Manila, Sept. 25 -- A ruling by the Court of Tax Appeals (CTA) has approved a judicial compromise agreement between the Philippine Basketball Association (PBA) and the Bureau of Internal Revenue (BIR) on taxes dating as far back as 1988.
In a 12-page decision dated Sept. 21 written by Associate Justice Juanito C. Castaneda, Jr. and made public Friday, the tax court's Second Division approved the judicial compromise agreement entered into by PBA and BIR last year and which had required a green light from the CTA.
"Accordingly, this case is now deemed closed and terminated." the tax court said, adding that the joint motion for judgment based on compromise agreement filed on Sept. 11, 2019 is granted.
The BIR originally issued formal assess...