Quezon City firm faces tax evasion charges
MANILA, Philippines โ The Bureau of Internal Revenue filed tax evasion charges against a Quezon City manufacturing firm for its willful attempt to cheat the governmentโs National Internal Revenue Code.
Charged at the Department of Justice (DOJ) were Nelson Cheng and Caroline Cheng, president and secretary, respectively, of Premier Global Links Enterprises Inc.
The BIR said the respondents attempted to evade tax, and failed to supply accurate information in its financial statements when it purchased a land from Ayala Land.
PGLEI is a domestic corporation engaged in manufacturing and trading of audio and video blank tapes, and paper products on a wholesale or retail basis.
BIR placed the firm under investigation for taxable years 2005 to 2009; but it however, however, refused to cooperate by not making its books of accounts and other accounting records available for examination.
A criminal complaint was also filed with the Quezon City Prosecutorโs Office against the respondents for failure to comply with the Subpoena Duces Tecum by the BIR.
In the course of the investigation, the BIR discovered that PGLEI purchased a piece of land from Ayala Land., Inc. on February 8, 2005 with a gross selling price of P41.69M.
The company, however, failed to report the acquisition in its Comparative Audited Financial Statements for taxable years 2005 and 2006.
It also failed to declare the P41.69 million used to acquire the lot on its income tax return.
http://www.philstar.com/nation/article.aspx?publicationsubcategoryid=200&articleid=782708
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