Gold trader sued for P2.6-B tax loss
Friday, December 9, 2011
CEBU CITY (Updated) — A city-based gold trader was charged with tax evasion before the Department of Justice (DOJ) Thursday after he failed to pay P2.67 billion in taxes for gold purchases from 2005 to 2009.
Junrie Daitol Tenorio of Barangay Guadalupe, Cebu City, is in the list of businessmen who have been selling gold to the Bangko Sentral ng Pilipinas (BSP) as of last May.
Based on the documents gathered by the Bureau of Internal Revenue (BIR), Tenorio sold gold to BSP amounting to P3.95 billion between 2005 and 2009.
Tenorio, however, failed to remit his tax dues to the government for these transactions.
BIR Commissioner Kim Henares said Tenorio will face five counts of willful attempt to evade tax, 15 counts of willful failure to file quarterly income tax returns (ITRs) and five counts of willful failure to file annual ITRs for taxable years 2005 to 2009.
Sun.Star Cebu sought the help of Guadalupe Barangay captain Michael Gacasan in reaching Tenorio, but the village chief said they have lost track of the trader’s whereabouts.
A few months ago, a messenger of the barangay’s Lupong Tagapamayapa tried serving a subpoena for Tenorio in his house in Sitio Banawa, but he was told that the businessman no longer lives there.
“Our messenger has been looking for him to serve a subpoena but when he delivered it to the address given, he was not there anymore. We also tried checking his voter’s registration records and we found out that he’s not registered in Guadalupe,” Gacasan told Sun.Star Cebu.
He could not recall what complaint the subpoena was for.
The BSP buys gold from small-scale miners in accordance with Republic Act No. 7076 or the People’s Small Scale Mining Act of 1991, and from other sources, including gold traders.
Under RA 7076, the BSP is mandated to buy all the gold offered to them by the small miners and traders at fair market value.
The Central Bank then refines the gold to forms acceptable in the international bullion markets, to help strengthen the country’s reserves. Gold can also be used to borrow funds overseas whenever there is a shortage of foreign exchange.
Aside from Tenorio, an Iloilo City-based wholesaler of office supplies and equipment was also charged with tax evasion.
Avelino Aw-yong owns Iloilo Izeem Commercial, a retailer and wholesaler of office supplies. His clients include government agencies, offices, schools, universities and other private institutions.
The BIR said Aw-yong declared sales of only P5.87 million in 2009 and P6.39 million in 2010, but third party information showed that he received income payment of P20.33 million and P23.43 million for the two years.
The BIR computed Aw-yong’s total income tax deficiency for 2009 and 2010 at P18.12 million, inclusive of surcharge and interest.
Tenorio and Aw-yong are being charged for violations of sections 254 and 255 of the National Internal Revenue Code of 1997.
The penalty for violating section 254 of the Tax Code is a fine of P30,000 to P100,000 and imprisonment of two to four years, while the violation of section 255 of the tax code carries a fine of at least P10,000 and imprisonment of one to 10 years. (Virgil Lopez/Sunnex/LCR of Sun.Star Cebu)
Published in the Sun.Star Cebu newspaper on December 09, 2011.
http://www.sunstar.com.ph/cebu/local-news/2011/12/09/gold-trader-sued-p26-b-tax-loss-194885
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