Joseph Calata. FILE PHOTO/RENE GUIDOTE
MANILA, Philippines — A “self-made” billionaire who was once investigated for alleged stock market manipulation was slapped a P144.49-million tax evasion case by the Bureau of Internal Revenue (BIR) on Tuesday.
In a press conference, Revenue Commissioner Kim S. Jacinto-Henares said the BIR filed before the Department of Justice on Tuesday morning tax evasion cases against four entities, including listed Calata Corp.’s president and chief executive Joseph H. Calata.
READ: SEC says Calata stock price manipulated
Calata, who is also the sole proprietor of Zeon Paint Service Center, was sued for his income tax liabilities for taxable year 2011.
“Investigation conducted disclosed that there was a huge increase in the amount invested by Calata in his Calata Corp. from an amount of P600,000 in 2010 to P217,699,994 in 2011. However, records from the BIR showed that Calata declared with the BIR gross sales/receipts of only P2,756,533.33 for the period 2005 to 2011. In fact, Calata’s annual income tax return for taxable years 2009 to 2010 revealed that he only paid an amount of P10,000 for each year and P100,000 for taxable year 2011,” the BIR said in a statement.
READ: Joseph Calata: Self-made billionaire at 31
“A comparison of the documents and information at hand clearly showed a discrepancy in Calata’s declared income since the amount of his investments far exceeded the income that he had declared with the BIR,” it added.
Calata was investigated as the BIR and the Securities and Exchange Commission, which oversees corporations, are both under the Department of Finance, according to Henares. “We look at all companies that embark on an IPO [initial public offering],” she said.
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