Philippine Daily Inquirer
9:48 pm | Thursday, November 29th, 2012
The Bureau of Internal Revenue collected P71 billion in September, falling short of its monthly target for the third month in a row.
MANILA, Philippines — The Bureau of Internal Revenue (BIR) filed a tax evasion case, on Thursday, against a gold trader who under-declared his income from 2006-2009, the period where he sold gold and silver to the Bangko Sentral ng Pilipinas (BSP) worth P872.68 million.
According to Internal Revenue Commissioner Kim Henares, Francois Joseph Xavier Rast, owner of the Rast Metalor Phils, owes the government P558.03 million for taxable years 2006 to 2009.
Rast was found to have not declared all his income for that period. He “grossly underdeclared” his income by more than 30 percent or P775.07 million, upon comparing the gross income he declared in his tax returns with the payment he received from BSP in that period.
Henares said BSP documents showed that Rast sold gold and silver amounting to P872.62 million to BSP.
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Tags: Bureau of Internal Revenue , crime , Francois Joseph Xavier Rast , gold traders , Kim Henares , law and justice , News , tax evasion
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