Supreme Court rules in M Lhuillier's favor in pawnshop tax case

Summary

The Supreme Court ruled in favor of Michel J. Lhuillier Pawnshop, Inc. in CIR v. Michel J. Lhuillier Pawnshop, Inc., declaring Revenue Memorandum Order No. 15-91 and Revenue Memorandum Circular No. 43-91 invalid for imposing the 5% lending investor's tax on pawnshops. The Court held that pawnshops are not subject to the lending investor's tax under the National Internal Revenue Code in effect at the time.