SC Ruling on First E-Bank (Part 4)
Q: When you mention "First E-Bank" you actually meant "First E-Bank Decision" which is like a textbook decision that lawyers will now refer to and applies across the board to all condominiums? Yes—with one important legal nuance. When I say “First E-Bank,” I mean the First E-Bank Decision: First E-Bank Tower Condominium Corporation v. Bureau of Internal Revenue , G.R. Nos. 215801 & 218924, January 15, 2020. It is not merely a tax exemption granted to First E-Bank Tower. It is a Supreme Court decision establishing a legal interpretation that can be invoked by other condominium corporations whose facts fall within the ruling. Think of the hierarchy this way RA 4726 — Condominium Act ↓ Supreme Court interprets the law ↓ First E-Bank Decision (2020) ↓ Other condominium corporations apply that legal doctrine to substantially similar circumstances So, yes, it is the kind of decision that lawyers, CPAs, BIR officers and condominium corporations can cite when determi...