While it is true that the regulation does not specify that NOLCO cannot be used to offset any deficiency tax assessment, it must also be noted that nothing in the Tax Code states that a taxpayer who has failed to utilize the accumulated NOLCO shall be deemed to have waived its right to utilize the same as deduction from any tax assessment by signifying in the ITR its intention to carry over the same as tax deduction in the succeeding year.
Posted on: Sat, 08 Nov 2014 02:39:52 +0000
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