The Path Towards Greatness (Youth Series #2)

K.A.S (PART 5)

#TPTG_KEITH

Growing up, I didn't have any role models. I've always believed that fame, wealth, and power does not define one's worth of a person but it's their principles, beliefs, morals, and values.

And I'm willing to do everything and anything for the people that I love in order to protect them. Even if it breaks me, and even if I have to break my own principles.

"Keith."

I looked at Trisha in front of me.

She smirked and cleared her throat. "Vanderful, Inc.'s income tax return for taxable year 2015 showed an overpayment due to excess creditable withholding taxes in the amount of P750,000. The company. opted to carry over the excess income tax credits, as tax credit against its quarterly income tax liabilities for the next succeeding years.

"For taxable year 2016, the company's income tax return showed an overpayment due to excess creditable withholding taxes in the amount of PI,100,000, which included the carry-over from year 2015 in the amount of P750,000 because its operations resulted in a net loss hence, there was no application for any tax liability. This time, the company opted and marked the box "To be refunded" in respect of the total amount of P1,100,000. Vanderful, Inc. now files in the BIR a claim for refund of unutilized overpayments of P1,100,000, Is the claim meritorious? Four percent."

I leaned on the table and placed my elbows on top of it. "The answer is no, but only to the extent of the amount of P750,000.00 which was carried over from year 2015. Section 76 of the NIRC of 1997 clearly states. Once the option to carry-over and apply the excess quarterly income tax" against income tax due for the taxable quarters of the succeeding taxable years has been made, such option shall be considered irrevocable for that taxable period and no application for cash refund or issuance of a tax credit certificate shall be allowed therefor.

"Section 76 expressly states that the option shall be considered irrevocable for that taxable period referring to the period comprising the succeeding taxable years. Section 76 further states that no application for cash refund or issuance of a tax credit certificate shall be allowed therefore referring to that taxable period...comprising the succeeding taxable years."

She clicked her tongue and slowly nodded at my answer. "Very well then. Your turn."

I smiled and read the question on my paper. "Cite at least three provisions of the Constitution that need to be amended or revised to effect the change from unitary to federal, and briefly explain why?"

She took a deep breath before answering. "Article X, Section 3 states, Must be omitted because the legislature will no longer define the scope of the powers of the government. Article X Section, 4 will have to be omitted. The President will no longer have the power of supervision over local governments," she paused and thought deeply. "And Article X, Section 5 must be omitted. Congress will no longer be allowed to impose limitations on the power of taxation of local governments."

I arched my brow. Her brows furrowed, confused. "What?"

"Are you confident with your answer?"

She looked at me suspiciously. "Yes. Yes I am."

I smiled. "You're right."

She stuck her tongue at me playfully. "Kinabahan naman ako sa'yo."

"We always do this everyday yet you're still not used to it?"

"It's not that I'm not used to it. You just make me feel nervous sometimes. You already know that I like you," she said. "But anyway, mas kinakabahan ako kapag prof na natin ang kaharap."