The Philippine Court of Tax Appeals recently issued a decision on whether or not a tax assessment is null and void for its failure to state a clear and unequivocal demand for payment of the computed tax liabilities within a prescribed period. The case involves Lorenzo Shipping Corporation, which on 18 April 2013 received a formal assessment notice following an audit. In coming to its decision, the Court of Tax Appeals referenced two separate decisions of the Supreme Court in relation to assessments. In the first decision, the Supreme Court pronounced that an assessment contains not only a computation of...