CTA Case No. 4533 (Decision)

I~ EPtfF.ILI G OF THE P I IIL.lPPl NES COURT UF T A X APPEALS \JUEZU N C .I T Y B A NK OF THE PHILIPP JNE H.iL.MW~; ;,H :> T1 �us t e.::.� t).f: th�=:- Emp l oy~;~es' He t i re me n t ~u nd oi IB M F' h i l i p pin�?E , lnc . , Citibank N . 1\. , V .i.sa y a n r-; Jectr .i. c Co ., Philippine , Packinc.1 Corporation ( D r~ l l'l o nte> , Nest l e Ph ili pp ines , lnc . , K .i. ml>er� J y \ ~ l ar l�:� P h i J s . , I nc . , u uodyear T j rr: a n d Hu iJ b~::r Jnc. , The S h e l l C h E' m J.cal Co . , Inc . , ::.; i me rt ar by PlJ.i.Jj p p illi::'S Jn c ., r� i b a- L1eigy !' h .i. .l i p pi n E:' s , Inc . , 1\ V I:.J ll Cusrnet ic:3 I n c ., Unio n L'3 r�b icJe 8;:-;J nk ( P h il s. >, o:t Am e r ica , Benc;J u e t Pt.Jr e:f o o d s l: orp. , fh?::Jd .J o h nso n Ph i l s ., 1 n c: . , /\1 1. i ~> d T \reHd Com p any , In c . , A y3la ~mpluyeos We l f a r e u nd H e I. i. n?ll1 E' n t Be lei i t Fund , P roc t�?r and L)aPlble < Ph .i 1s. ) Pension P .l <Hl , .iuho :=;un �3PcJ ..Jo hn so n, W�2lli n r:Jlun inves tment , Filipi n a s S h el l F e t ro .l ~,� ucn Cor p . , I NSCOS 1-~ m pl. oye r::>::; ' Hetirenlen t l:l ~::�ne.tit F u nd, El.i -� L i l l y P hil :::;- . , .lnc . , P L Ll T l:l 12 11 v 1 i '-~ i a l. T r v s t V .i.. c t r.:� r y Li n er, J.n c . , Eng ineerinq Equ i p mr::: n t , In c ., f1 a ni l a F>oJo CJ.ub, Ht- i ~�; f: ,_�l Lab r::.' r '31.uJ.- ie s , P h i l s .� l n c ., i'1<Jpua J. n st:i. l:.ul:. e of Techn ol oqy, 1\ mer i c:::a n tJ i c ro sy :o;t� ,_, �n s , 1 n c_� � ' � 1.1 \.1 F o n L Far 1:; as t , C u c �:~ .. ~ : o .I ~�I 1:: :�~ p 01 1� t. Co r p . , JIa 1" a i i c n Phi 1 s . Co . , Anp;.> r i can W:i.re and t_: abJ,? Mu.lti .. Em p loyc=J r , F A P E - fl. � F A P 1.-..: - H , <J n d P E 1-< A 1\ �- C , P �?t i tion�.? r , - v e1. s:ur::� - C.T .A. CAS E NOS. 4 5 33 t o 4 566 and 4681 to 4685 G utlMlS S IO!ifEl~ LlF INT ERN AL HEV E NUS. ltes p o nrJ e u t . 486

DECISION - G. T. A. Case Nos. 4533 to 4566 and 4681 to 4685 -2- DECISION A consolidation of the above-mentioned thirty- nine< 39J cases docketed as C.T.A. Case Nos. 4533 up to 4 566 togethe r with C.1.. A. Case Nos. 4681 up to 4685 we re r- ordered by t hi s Co urt upon motion of petitioner Bank of the Philippine Islands. Considering that the subject matter, the parties and the antecedent facts of the foregoing cases are identical or similar in character, it would be bot h proper and convenient to have the cases consolidated and tried jointly by this Court. As trus �tee of the employees' retirement fund of the various companies/institutions, petitioner uniformly sought the refund of the final withholding taxes alleged to have been erroneously deducted and withheld by the Central Bank of the Philippine s <C B> and remitted to th~ Bureau of lnternal Revenue <BIRJ in connection with petitioner's purchases of government securities, specifically treasury bills, for the period beginning December� 1, 1988 to December 31 , 1989 for each of these thirt.y-nine(39) retirement plans. A written claim f or refund was fi led by petitioner wi t h th e R:IH CIJt fJecember 27 , 1990 with respec �t to C.T.A. 487

DECISION - C.T.A. Case Nos. 4~'133 t () 4566 and 4681 to 4685 -3- Case Nos. 45:.13 to 4566 and on December 18, 1991 insofar as C.T.A Case Nos. 4681 to 4685 are concerned. Considering that the two-year prescriptive period to commence proceedings for the recovery/refund of the tax erroneously a nd/or illegally collected is about to expire and that the claim for refund is still pending with the respondent, petitioner is constrained to file these petitions .for review to interrupt said prescriptive period. The petitions for review of C.T.A. Case Nos. 4~~~ to 4 ~bb were ~iled with this Court on January 4, !~:J'?l while those o:t C.T.A. Case Nos. 4581 to 4588 were filed on December 19, 1991. Petitioner states that subject retirement plans meet the requirements of a reasonable benefit plan prescribed by Hepublic Act No. 491 7 , as implemented by Revenue Regulations No. 1 -Se . They were thus approved and qualified as exempt from income tax, hence, the income/yield derived from its investment in government securities is tax exempt. ln its "Answer" to each of the thirty-nine<39) petitions for review, respondent Commissioner uniformly argued that Presidential Decree No. 1959, which took effect on October 15, 1984, repealed or withdrew the 488

DECISION - G.T.A. Case Nos. 4533 to 4566 and 4681 to 4685 - 4- exemption from final tax on interest from bank deposit and/ or depo Et i t substitutes granted under the National Internal Revenue Code <NlRC> to qualified retirement plans. Respondent also contends that petitioner has not shown that the tax EIO \.Ight to be refunded was actually withheld a nd remitted t .o the BIR, that it was erroneously or illegally collected and that the date of the alleged withholding and payment oi the tax is not alleged in the pet,i tion. Vormally offered as evidence by petitioner in the co u rse of the trial were various documents including the testi Til o n y ui iour � <4J witnesses for the purpose of establishing en ti �tlement t .o the refund claimed. For failu re of respondent to file her written comment thereon within the time given by the Court, all the exhibits offered by petitioner were admitted subject however to the Co t~rt 's final evaluation as to their materiality a nd p ro bative value. Res~ond ent's counsel submitted these cases for decision ba sed on the records and pleadings withou t further presentation of evidence. She did not file any memorandum. 48 9

DEClSlUN - C.T.A. Case Nos. 453:3 to 45b6 and 4681 to 4685 -5- Wi th only petitioner filing its memorandum, these cases were considered by the Court submitted :for decision. The sole issue for reso lution of the Court is whether o~ not petitioner, as tr u stee of the various retirement plans in these cases, is entitled to the refund of the final withholding taxes on the income of the retirement fund from investments in treasury bills. lt is axiomatic that one who claims for refund must first be able to prove l e{:Jal basis t hereo:f. Cited by petitioner as authority is the precedent-setti ng case of Commissioner o1 Internal Revenue va. GCL Retirement Planp et. al., G.R. 9::i022 , Ma rc h 23 , 1992, which not only firmly established petitioner's right to the refund sought, also squarely addi �essed respondent's opposition thereto. Uuoted hereunder are the pertinent portions oi the Supreme Court decision in said case: "To beqin with, it is sig n ificant to no te that GCL Plan wa ~ qualified as exempt from income tax by the Co rnro issioJJer of Internal Revenue in accordance with Re p. Act. No. 491 7 approved oJJ 1 '/ June 1967. This law specif ical ly provided: 490

DECISION - C.T.A. Gase Nos. 4533 to 456(-i and 46tH to 4685 -6- "SECTION 1. Any provision of law to the contrary notwithstanding, the retirement b e nefits received by officials ~nd employees of private firms, whether individual or corporate, in accordance with a reasonable private benefit plan maint.ained by th e employer s hall be e}cempt fro m a ll taxes and shall not be liable to attachment, levy or seizure by or under any legal or equitable process whatsoever except to pay a debt of the official or employee concerned to the private benefit plan or that arising from liability imposed in a criminal action ;" x x x <emp ha sis oursJ. l TJ so far as emp.l oyees' tr usts are concerned, the foregoinq provision should be t~ken in relation to then Section 5b l bJ (now 53lbJl of the Tax Code, as amended by Rep. Act No. 1983, supra, whi ch took effect on 22 June 19!:�7. This provision specifically exempted employees' from income tax and is repea �ted hereunder for trusts emphasis : "Sec. 56 Imposi t.i on of Tax. (a) Application of tax. The taxes imposed by thi s Title upon individuals shall apply to the income of estates or of any kind of property held in trust. )OCX XXX "CbJ Exception. The tax imposed by this Title s hall not apply to employee's trust which forms part of a pension, stock bonus or profit-sharing plan of an employer for the benefit of some or al l of his employees x x x" The tax - exemption pri vilege of employees' trusts, as dist.inguislled from any otber kind of property held trust, sprinqs from the forego ing provision. It is 491

DEt:IS.lllN -- t:.T.A. Case Nos. 453:3 to 4566 and 4681 to 4685 -7- unambiguous. Manifest there�rom is that the tax law has singled out employees' trusts �or tax exemption. And right.ly so , by virtue o� the raison d ' etre behind the creation of employees' trusts. Employees' trusts or benefit plans normally provide economic assistance to employees upon the occurrence of certain contingencies, particularly, old age retirement, death, sickness, or disability. It . Provides security against hazards to which members of the Plan may be exposed. It is an inde pendent and additional so urce of protection for the working group. What is more, it is established for their exclusive benefit and for no other purpose. The tax advantage in Hep. Act. No. 1983, Section 56 (bl, was conceived in order to enco urage the formation and establishment of such private plans for the benefit of laborers a nd employees outside of the Social Security Act. Enlightening is a portion of the explanatory note to H. B. No. Ei503, now H. A. 1983, reading: "Considering that under Section 17 of the Suclal Security Ac t, all contributions collecte d and payme nts of sickness, unemp l oyment, ret irement. di sa bility and d e ath b e ne .f l - s made t \ere J tog:_gther e i n come._of__:tj}�?_pem=:_j,_o_n_ .J,_L~e~st. are ex em pt from any assessment, tee, or charge, it ia proposed t;af, ;3 sim..:.J ar Rystero f.�I c vidi ng i. r reLiremenL, etc. berte...Lits ior emploype.s .utside the S �ci"'t :::e>c u�.i.ty f.e t � e.>:E�T.1i,!b:.d '-rcqr i JCC''TIP 492

DECISION - G.T.A. Case Nos. 4533 to 4566 and 4G8l to 4.(.;05 - B- ta:�tes. " <Con~rressional Record, House of Representative, Vol. IV, Part. 2 , No. !57, p. 1859, May 3 , 1957: cited in Comm~aa~oner o:f Internal Hevenue vs. V~aayan Electr~c Co �� et. al ., G.R. No. L - 226 11, 27 May 1966, 23 SCRA 715>~ <Underscoring supplied>. It is evident that tax-exemption is likewise to be enjoyed by the income of the pension trust. Otherwise, taxation of those earnings would result in a diminution of accumulated income and reduce whatever the trust beneficiaries would receive out of the trust fund. This would run afoul of the very intendment of the law. The deletion in Pres . Decree No. 19!59 of the provisos regarding tax exemption and preferential tax rates under the old law, there�ore, cannot be deemed to e xtend to employees' trusts. Said Decree, being a general law, , cannot repeal by implication a specific ' provision, Section 56Cb) (now 53[b)) in relation to Rep. Act No. 4917 granting exemption from income tax to employees' trusts. Rep. Act 1983, which excluded employees' trusts in its Section 5bCb J was effective on 22 June 1957 while Rep. Act No. 4917 was enacted on 17 June l~b?, long before �the issuance of Pres. Decree No. 1959 on 15 October 1984. A subseq uent statute, general in character as to its terms and application, is not to be construed as repealing a special or specific 49 .3

DECISION - C.T.A. Case N.os. 453:-J to 45bb and 4.(:)81 to 4605 -9- enactment , unless the legislative purpose to do so is rnaniiest.ed. This is E:o even if the provisions o:f the latter are su:fficient.ly comprehensive to include what was set :forth in the special act <Villegas va. Subido, G. R. No. L-31 ? 11, 30 September 1971, 41 SCRA 190>. Notably, t .oo, all the tax provisions herein treated come under Ti t.le l l of t .he Ta.>t Code on "Income Tax." Section 21CdJ , as amended by Rep. Act No. 1959, refers to the final t a}t on individuals and falls under Chapter II; Section ~4<cc> to the final tax on corp orations under Chapter III ; Section 53 on withholding of final tax to Returns and Payment of Tax und er Chapter VI; and Section �to ta>t on Es �t.ates and Trusts covered by Chapter VI l . Sec tion ::;,6(b), taken in conj unction with Section 5G <a>, �._!!I!_ra, explicitly excludes employees' trusts from �the tax e s imposed by this Title. " Since the final tax and t he wit td1oldin~1 thereof are embraced within the t i t l e on "lncorn E� Tax" it follows that said trust must be deemed e >~e m p t therefrom. Otherwise, the e:�cception becomes rneauingless. There can be no denying either that the :final withholding tax is collected from income in respect o:f \ which employ ee s' tJ�usts are declarecJ e:xempt ( Sec . ~j b ( b J), 494

DEGISION - C.T.A. Case Nos. 4.533 to 4566 and 1:681 to 4b8!:J - 10 - (now s :..HbJ, Ta}t Co de). The application of the withholding system to interest on bank deposits or yield from deposit s ubstitutes is essentially to maximize and expedite the collection of income taxes by requiring its payments at the source. If an employee' trust like the GCL enjoys a tax -exe mpt stat us from income, we see no logic in withholding a certain percentage of that income which it is not supposed to pay in the first place. Respondent also relies on Revenue Memorandum Ci1� cular ~ 1-84, dated 30 Octo ber 1'384, and Bureau of Internal Revenue Ruling No. 027-e-OUU-U0-005-85, dated 14 January 1985, ~s authorities for the arqument that Pres. Decree No. 1959 withdrew the exemption of employees' trusts from the withholding of the final tax on interest i n come . Said Circular a nd Huling pronounced that the deletion of the exempting and preferential tax treatment provisions by Pre s . Decree No. 1959 is clear mani festat ion that the single 15X tax rate is imposable on all interest income regardless of the taJ{ status or character of the recipient thereof. But since we herein rule that Pres. Decree No. 1959 did not have the effect of rPvoking the tax exemption enjoyed by employees' trusts, reliance on those authorities is now misplaced. " 495

DEC1SlUN - C. T. A. Caue Nos. 11533 to 4566 and 4b81 to 468J - 1.1. - As can be gleaned from the aforeq uoted decision, it is essential that the retirement plan should be qualified as exempt from income tax by the BIR in accordance wi t h Rep. Act No. 4917 as implemented by Revenue Regulations No. l - 58. It is on this premise that the exemption from the final withholding tax of the income from investment in treasury bills of the retirement fund is anchored. Formally offered as evidence by petitioner were certifications issued by the BIR confirming the tax exempt s �tat.us of t h e retiremen t . plans s ubject of these cases . <E)thil.tits "Ll", "D -1" up to "D -35">. A perusal of the exhibits at hand h o wever , disc losed t .hat Vi ctory Liner, Inc. <C . T. A. Case No. 4559) and Ame rican Wire and Cable Multi-employer <C.T.A. Case No. 4582> don't have BlR certifications on file. The purported certificati on of F' APE A <C.T.A. Case No. 4583J and FAPE B <C.T.A. Cas e No. 458 4> pertains to the "Exchange of . Notes" between the qovernment of the Philippines and the United States of America and has nothing to do with retirement plans on whi ch these cases were about <Exhibit "D-35">. It was al so noted that the certification of Allied Thread Company, Inc. CC.T.A . Case No. 4550) is dated Augu st 15, 496

OEGlSION - G.T.A. t.;ase Nos. 4!)~:J :3 to 45E.j6 and 4681 to 4685 - 12 - 1991 whereas the re1und sought covers the year 1989 <Exhibit "U-17"J. The timeliness of the 1iling of the written claim for refund with the BIR and the petition for review with this Cour���t is crucial and need not be over emphasized. For purposes of computing the two-year period within which to recover the tax erroneously or illegally collected as provided under Section 230 and Section 204 Ce) of it is important to have an understand in 1,1 cd the treasury b i l l s transactions to determine the reckoning dates. The Bank of the Phili ppine Islands <BPI> spe ci fic al ly its Treasury Department. purchase Treasury f3ills from t he Central 1:1ardt oi the Philippines through the regular auct.ion s ys �tern. 'l"reasury bills are sold at the discount prevailing at the time of issuance. The final withhold in q tax thereon is computed based on the disco un t obtained and added to t h e purchase price {o c ornpri s e.the tota l cash outlay of BPl. To illustrate: a. Face Value of T - l:.lills P1,000,00U,OO lssue Date: 1 -27- 89 Maturity Date: 2 -08 - 89 b. J-'urchase Price 99~�. 024. 88 c. Viscount (a-b) 4,975.12 d. Final Withholding tax C20X x c> 995.02 e. Cash Out Cb + d) 995,019.90 497

DECISION - C.T.A. Case Nos. 45:-J3 to 4566 and 4681 to 4685 - 13 - Based on the above illustration, BPI will pay the CB the amount o� ?995,019.90, inclusive of the ta>t on da �te o� issUE? . The tax component thereof <P995.02J will then be remitted by CB to the BIR. At maturity date, CB will pay BPI Pl, 000, OUU__. 00. The BPI Trust and Investment Division will then purchase T-bills from BPI Treasury Department for the account of the various retirement plans under its management following the system as illustrated above. The foregoing can be readily verified from the Exhibit "B" show the purchases of T- � exhibits submitted. bills by HPl from CB for the year 1989, the discounted cost, final tax withheld thereon, and ~emitta nce thereof to the BlR via credit advice io the account of the Treasurer of the Philippines. E:.thibi ts "C", "C -1 " anp "C - 2" sho w the acquisitions of T-bills from BPI Treasury LJepartrnent by HPJ - Trust and Investment Division for its various accounts. Exhibit.s "A", "A - 1" up to "A -38 " show the sch edule of investments in T-bi lls of each retirement plan, including the related data thereon. The Tax Code provisions on final withholding taxes whi ch are pertinerrt to the cases at. bar are quoted hereunder: 498

DECIS.l.ON - G.T.A. Case Mos. 453:3 to 4.!:Jbb a nd 4b81 to 4b8 ~1 - 14 - SECTION 24. Rates o.t: tax on d o mestic corporation. }0Dt (e . ) Tax on certain incomes derived by domes tic corporations. <1> Int e rest from deposits and yield s or any other monetary benefit from d e posit s ubs titutes and from trust fund and similar arrangements, and royalties. Interest on Philippine currency bank deposits and yield or any other monetary benefit from d e posit substitutes and from trust fund and similar arrangements received by domestic corporations; ?- nd royalties, derived from source, within the Philippines , shall be ;?_!:I_Qj_e c:; t _.J; o _ _S!__4_0i'!..-J; a>: . (Underscoring s upplied . ) XXX )()t)t XX>C SECTION 50. Withholding of tax at sourc e. ' <a l IY'i th[10ldiTJ..Q_9 I .:final tax on Q��rtain incomes. - The tax imposed g_.r_.___ I,!.!:g~_g r j,__Qgg_________l;!_y Sections 21 (c), 2 1 (d) <2 >; 2 2<a> <2>, <b> , <c> , (dJ, (e) ; 2 4 <e J <1), (e) <2) ( 8), (e) ( 3) ; and <2 ~~ <a > <4 ) , <a > ( 5 >, <a > <5 ) <A >, <a><5><B>, <c><ii>, (b)(1), (b)(2), <b><3>, <b><4J, <b><5HA>, <b>< 5 HB>, (b)( ~ J(cJ(iiJ oi this Code on speci fied items of income shall be wi t hhel.d bY.__P-ayor-corP.oration and/or pe rs on and paid in the s~me manner ~J_t;Lsui,?.ject to the same conditio ns as g _r- ovided in Section 51 of the National Internal Revenue Code, as amended. (Underscoring supplied. ) 499

DEL:JSlON. - G. T. A. Case Nos. 4533 to 4566 and 4bill to 1.bil5 - 15 - SECTl UN 51. Heturns and payment o1 taxes withheld at source. - (a) Quarterly returns and payment of t azes wi t hh eld . - Ta;.(es deducted and wilhheld under Section fifty- three now (~0) sha l l be c overed by a return- and p aid t .o the Hevenu e Vi st.rict Uff icer, Co llection Agent, or duly a\Jthor ized Treasurer of l .he city, or municipality where the wi l hholding agent has his legal residence or principal place or busiJless or where t h e withholdin~:;~ ayent is a corporation, where the principal office is located. The taxes deducted and withheld by the withho lding agent shall be held as a specia l fund in trust for the Government until paid to the collect ing officers. The Commissioner of Internal Hevenue may, with the approval of the Secretary of Vinance , require these withholding agents to pay or deposit the taxes deducted or withheld at more frequent interval s when necessary to protect th e int.erest. oi the Government. The return �o_r _ _.;!:~.Lna_l withholding ta,{ shall be filed and the payment made wi thi_n 25 days �rom the close of each calendar quarter, while the return for creditable withholding taxes shall be filed and the payment made nol later that t~e last day of month following the close oi the quarter durin~;! which wi t hhoJding was made. <Underscoring supplied.) XXX lt is clear :frorn the foregoing that the filing of the return and the remittance of the corresponding final ta xes withheld on income from investment in Treasury Bil_ls should be made within twenty-:five(25) days from the 500

DEGISIUN - G.T. A. Gase Hos. 453::t to 4566 and 46l:H to 4b85 - 16 - cl ose of each calendar quarter. The two-year period within which to file the claim for refund commences to run from said date <Bank oi. the Philippine l.slands as Tru.stee of. the PAL Pilots Hetirement Benef.it Plan vs. Commissioner o:t: Internal Hevenue, CTA Case No. 4217 , Oct o ber LL , JY92 ; S upr e me Cou rt r e s olution denying pe ti tion for review on c ertior ari has become final and e>cec ut, o ry ur J J a nua :c y 1 U , 1 '::1 '::14). The r ecords sho w that the .final taxes wi t .hheld by the Ce ntral Bank on purchases ~d T - bills by BP I were immedi a t el y remit~ed to the BIR v~a credit advice to the a c count of the treasurer of the Philippines on the month follow ing t h e ir issuance <E x hibit n B n). However, for purposes of computing the two-year prescriptive period, they will be considered pa i d on the last day for .fili n' g the return and remit~ance of the tax withheld as provided under Se c�tion 51 (a) of ~he Ta x Code. In CTA Cas e No s. 4533 up to 4 5 65, the earli est ac qui si t,,io n o f '!'- .bil ls <:l[ld the with ho din g of fi n al there on 1 Yf.H:I. 0 S ec l i C.'/1 l ... filing reLurn r1nd .final w.i..thll el d be 1..1 1 '�" �,; l. Cl us 1 y U.E written 501

DEt:lS.lUN - C.T.A. Case Nos. 11 5:33 to 'l!J6b and 4b81 to 4605 - 1"1 - claim for ref und with the BIR was filed on December 27 , 19~0 whi lE:' the petiti on for rev iew was filed with this Co urt on January _1_. 19 ~).. Verily, these are well within the reglementary period fixed by l a w. In CT A Case Nos . 46~H up to 4685, the earliest recorded iuvestment in T - b i l l s was o n January 27, 1989. T il E=.> corres ponding return and p ayment thereof wo uld be due o n A p r i""'l'---'2:=3.L,._---=cl..::r3:...::8"-9=�<-.� The written claim for refund was filed with �th e BlH on December 18 , 1991 while the I petition for review was filed wit h this Court on December 1 9 , 19':H-' evidently , the clai.m �or re fund wa s filed way beyond lw u years from its "payments". Only those purchases of T-bills in t .l!e last. quarter of 1989 (Uctober, November and December 1989) would beat the prescription peri oct since �the r eturn and the re mittance of the wi thhol ding taxes thereon would only be due on January .L. )JC"":' , 1g9u. Claims pertaining to acquisitions of T - bills prior to the last qu arter o f 1989 have all prescri t,_ed . As to the substan tiation of the amounts claimed as re fund, We looJ~ed into E)thilti ts "A", "A-1" to "A-38" i 1l c lu cliJJI:l t h e sup ~' orting documents and We noted cer-tain di screpar~cies. The t .otal final ta~: withheld in cert ain 50 2

DECISION �- C.T.A. Cas e Nos. 453:3 to 4566 an d 4681 to 4685 - 18 - c a se s we r e l ess than th e r efund sought with the BIR and �t.his Co u rt whi le in o th ers th e opposite was true. In bot.h in s t .ances , o n l y th e a mo unts claimed as refund with the J:llH a nd th is Court whi c h are supported and tally with the evide nce s ubmitte d we r e allowed. ln view o l t .he 1 or e ~1oing, t..he following were determined to be the r efundable amount for each of the thi r ty- ni ne< ~ ~) ca ses, vi z : C. T. A. Refund claimed Refundable Allowable CASE NO. with B1R and CTA Withholding Tax Ref\md <Per Exh. "A", "A-1" to "A-38") 4 53::1 92? , 261. 6 e 924,586. 68 924,586. 68 4534 b46, 282. :26 7!:�6, 010. 6 :5 646,282. 26 4 5::15 119, 4!:�8. 26 119,458.::38 119,458.:;;!8 4536 2 , T 18, 934. :;)7 1,970,779. 36 1,970,779. 38 4537 825, 412. 83 825,412. 83 825,412.e3 4 5'38 2 18,316. :2~ 218,316.::3;:, 4539 208,845,1. 7 209,070.1. 7 218,316.::3~ 4540 18Y,!:o9'/, 11 189,597.1.1. 4 5 41 104, 64 2 . ~l. 104,642 .:51. 208,845. 17 4542 216, 575. 04 230,075. 04 189,597. 11 454 3 183 , 809. 4~ 183,809. 46 104,642. :51. . 4544 216,575. 04 4545 YB, !:i8 3 . 7 & 98,583. ? :5 454b 471,%6. 4:5 183,809. 4 ~ 4547 4!:�0, 389. '.!.>l. 4 '/ 1, Ybb. 46 4548 2 ,336,577.tJ'-' 98,583. 76 4549 592,604. 49 471,966. 4 :5 1 5!:� 0 99,810. :50 2,323,451. 43 450,389. 91 169,885. 64 2,323,451. 49 45 5 1 99,810.:5� 4552 24,116. 23 1b2,472 . 84 99,810.~ 0 455:.3 4554 158, 5J:J . '7"' 24,416.:29 162, 4'12. 84 4555 1, 70:), 770 . 2::t BIR exemption 4556 b'3, '7B5 . 98 111, 805. '30 1,572,570. 1..1!1 only in 1991 97 , 101. 1. -~ 6'9, 785. 96 239,908. 7 '3 1, 12:3, 61':1 . e>:> '37, 101. 1."1. 1,572,570. 1 '-' 5l, 27 4. o-�� 111, 805. 150 1,12:J,619.e":l 97, 101. 1.4. 74, 04 2 . '91 �".ll 1, 123,619.1!tl!t 57,274. 0 ;<1 503

DECISION. - C.T.A. Case Nos. 453 ~-J to 4Sb6 and 4681 to 4685 - lY - C.T.A. Refund claimed Hef undable Allowable CASE NU. with BIR and CTA Withholding Tax Refund (Per Ex h . " A", "A - 1" to "A-38"> 4557 41,67 ::~.E.'I:3 41,673,E.'I 3 41,673. 83 455�:\ 383,1 75. 02 383,1 75. 0 :3 4!'j59 3 �:\3 ,1 7 5. 0 :3 97,B86. 42 97,886. 42 No BIR ex emp - 4550 tion on file 4551 '3, 272 � .,._,;> ':l, 2Tl.. �~~ 4552 41, 78'7.''H '3,272.""~ 4 55:3 81,0'33.'!1'5 41 , 78 '1. '5;2: 4561 fj8 , 478. ?'r;l 88,728 . '3 1 41,787. 61 81, 0 28 . .":J:;J 68,478 . 7 " 81, 0'33. ::._s 45b ~J 20 , '3:2.8. '-"! 1 81, 028. -"!1'3 .362 , 306. et. 62 , 6U2. 0 <A 68 ,478. 7 ~ 45bb 362, 306. 61 4681 5,078. 615 225, 9'31. :3"" 81,028.::.'3 4682 :35, 202 . .".!j :3 20,928. 21 1G8 :J 22 , 81:J. <L'.l' 35 , 202.~::3 362, 306.-sl. 4684 4685 1 2 ,80 2."'~ 27 , 254 . "'91 5,078. 66 165,800. 6 " No BIR exemption on _______ :uJ _~1_:,3_. _~: 6'37 , 5?6."-'2 file. Does not per- tain to retirement. 77 ,643. 20 T U T A L 14r_�b4,044.r:>0 15, 070, 859. rn . 13, 106 , 200.::t:ll _ WH I::HEFUHE, r�espondent Commissioner of l nternal Revenue is t1ereby ordered to refund to petitioner Bank of the Philippine Islands as Trustee of the Various Retir e me1 1t Funds the amount as determined above to be refunded to each of the qualified retirement plan in �these co nsolidated cases. SU OHIJEHEIJ ., Uu ez o n City, Metro Ma ni l a , July 1, ~�Pt.~~ HAnUN . DE V ' R I Associ a .e ge I I / 504

DECISION - C.T.A. Case Nos. 4533 to 4566 and 4681 to 4685 - 20 - WE CUNCliH: / ~--<Q,_o~ EHNESTO D. ACOSTA . GHUBA Judge CER"I" l F I C A ~I" I ON 1 hereby certify that this decision was reached after due consultation among the members o� the Court of Tax Appeal s in accordance wi th Sectio n 1:::~, Article VIII of the Constitution. ~ \(),~ EHNESTO D. ACOSTA Presiding Judge Co urt. of Ta>t App eals 505