Metal products maker rapped for tax evasion-A A +A
Thursday, April 24, 2014
A FABRICATOR of metal products is accused of tax evasion for not paying P22.25 million to the Bureau of Internal Revenue (BIR) from 2009 to 2011.
Myra Santiago of Navotas City-based Buildcraft Fabrication violated Sections 254, 255 and 275 of the National Internal Revenue Code, the BIR said in a complaint filed with the Department of Justice (DOJ) on Thursday.
Records showed the BIR issued an access letter to its customer, Monolith Construction & Development Corp., requesting for a certification of its income payments to Santiago and/or Buildcraft.
Monolith then issued a certification stating that Santiago received P6.04 million in 2009, P12.06 million in 2010 and P8.54 million in 2011.
However, the BIR discovered that Santiago only filed income tax returns (ITRs) and percentage tax returns (PTRs) for 2009 and 2010 and declared as gross income P0.83 million in 2009, P1.82 million in 2010, and zero in 2011.
This pushed the BIR to conclude that she "willfully and substantially" underdeclared her correct taxable income by P5.21 million or 630.35 percent in 2009, P10.25 million or 564.47 percent in 2010 and P8.54 million or 100 percent in 2011.
Santiago's tax liability, including surcharges and interests, was broken down into: 2009 –P5.05 million (income tax – P3.71 million; percentage tax – P0.12 million; value added tax – P1.22 million); 2010 - P9.92 million (income tax – P6.76 million; VAT – P3.16 million); and 2011 – P7.28 million (income tax – P5.14 million; VAT – P2.14 million). (Sunnex)