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Prescriptive Rules

Prescriptive Rules

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Published by lizherrero
prescriptive rules in taxation
prescriptive rules in taxation

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Categories:Types, Research, Law
Published by: lizherrero on Jul 24, 2009
Copyright:Attribution Non-commercial

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04/02/2013

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Prescriptive rules
Monaliza A. Herrero
 
Prescription, statute of limitations andprescriptive periods
Prescription
is a mode of acquiring ownership andother real rights through the lapse of time in themanner under the conditions prescribed by law. Inthe same way, rights and actions are lost byprescription.
Prescriptive periods or periods of limitation
 refer to the respective periods of time withinwhich various actions or proceedings in law mustbe brought.
A law prescribing the period within which a partyhaving a cause of action (i.e. ground for which anaction may be brought) should enforce a right orresort to the courts for redress is called
statue of limitations.
 
Prescriptive rules in general
Under the Tax Code, the assessment and thecollection by the government of tax due andpayable must be made within the prescribedperiod; otherwise, the right of the government tocollect will be barred.
Prescription is a matter of defense, and it must beproved or established by the party (taxpayer)relying upon it.
Sections 203 and 222 refer to a tax the basis bywhich is required by law to be reported in a taxreturn, like for example an income tax or salestax. If no return is required by law to be filed, theprescriptive periods provided therein are notapplicable.

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