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Kris Aquino 2011 top taxpayer

No tycoon among Top 10 on Forbes list



Kris Aquino: No. 1, P49.9 million

Show-business personality Kris Aquino, the youngest sister of President Aquino, has earned another distinction—being No. 1 on the Bureau of Internal Revenue’s (BIR) list of Top 500 individual taxpayers.

Kris, 42, who has numerous product endorsements and three TV shows, paid P49.87 million in taxes for 2011, according to the list the BIR posted on its website.

Businessmen, other celebrities and politicians also made it to the BIR’s roster of top individual taxpayers. (See complete list.)

Kris was followed by Sunpower Philippines vice president Gregory Deane Reichow (P38.2 million) and former Philippine Ambassador to the UN Lauro Liboon Baja Jr. (P34.26 million). [The BIR, however, believes that Baja is the head of the Philippine unit of the Swiss bank UBS, which is engaged mainly in debt and equity underwriting.]

Lucio Tan: No. 35, P10.8 million

PLDT chairman Manuel V. Pangilinan was the fourth-largest taxpayer  (P25.99 million) while Aurelio Montinola III, president and CEO of Bank of the Philippine Islands, came in fifth (P24.47 million).

Gerardo Ablaza, Manila Water president, paid P22.65 million and was ranked sixth, while Philippine Ambassador to Portugal Philippe Lhuillier was seventh (P21.65 million). They were followed by Victor M. Angeles, who paid P21.2 million.

Completing the Top 10 individual taxpayers for 2011 were Roberto L. Panlilio of JP Morgan Chase & Co. (ninth, P19.61 million) and GMA Network chairman and CEO Felipe L. Gozon (10th, P19.59 million).

Tycoons

None of the Filipino tycoons Forbes cited as among the richest people were among the Top 10 taxpayers.

Henry Sy: No. 15, P16.6 million

Henry Sy Sr., 15th on the BIR list, paid P16.58 million in taxes.

Lucio Tan, the country’s second-wealthiest man, paid P10.79 million and was ranked 35th, while David Consunji, who was included in the Forbes list for the first time this year, was 176th on the BIR roster after paying P5.91 million in taxes.

Other businessmen on the list were Orlando Vea of Smart Communications (16th, P16.25 million) and TV5 CEO Ray Espinosa (20th, P14.48 million).

Vic, Joey, Willie et al.

A number of celebrities made it to the list: TV host Vic Sotto (19th, P14.73 million), Joey de Leon (28th, P12.48 million), Charo Santos-Concio (33rd, P11.61 million), Solenn Heussaff (99th, P7.79 million), Derek Ramsay (120th, P7.08 million), Piolo Pascual (123rd, P6.98 million), Kim Chiu (133rd, P6.71 million), Sarangani Rep. Manny Pacquiao (158th, P6.11 million);

Willie Revillame (181st, P5.85 million), Ogie Alcasid (184th, P5.81 million), Sharon Cuneta (191st, P5.74 million), Ryan Agoncillo (194th, P5.6 million) and John Lloyd Cruz (205th, P5.41 million).

Erap Estrada, Mike Enriquez

Further down the list were Manuel Paolo Villar, son of Sen. Manny Villar (403rd, P3.88 million); broadcaster Mike Enriquez (411st, P3.85 million) and former President Joseph Estrada (490th, P3.51 million).

Other personalities on the top 500 list were Jaime Jose Aboitiz (225th, P5.18 million), Manuel Zamora Jr. of Nickel Asia (240th, P4.97 million), Joel Jimenez (272nd, P4.76 million), Mandaluyong City Mayor Benhur Abalos (300th, P4.5 million), IPVG Corp. CEO Enrique Gonzalez (312th, P4.37 million), Punongbayan & Araullo founder Benjamin Punongbayan (319th, P4.33 million), ING Bank economist Jose Cuyegkeng (328th, P4.26 million);

Jon Ramon Aboitiz of Aboitiz & Co. (381st, P3.97 million), Philippine Airlines president Jaime Bautista (382nd, P3.96 million), SGV Group founder Washington Sycip (433rd, P3.74 million), and Pampanga’s Best owner Angelo Hizon (479th, P3.57 million).—With reports from Almi Ilagan-Atienza, Ana Roa and Kate Pedroso, Inquirer Research


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Tags: Bureau of Internal Revenue , individual taxpayers , Kris Aquino , Philippines , taxes

  • http://businesstips.ph Vic @ Business Tips Blog

    Good for Kris. But the report is only based on income tax return actually filed to the BIR. I read somewhere that those income taxes which are withheld are not included in the computation of total income tax paid on this list.

  • HarryK

    Kris must note what Kim said: “Being in the top list does not exempt the taxpayer from tax audit.”

  • Reptilian

    Typical garbage journalism from the Philippines’ #1 tabloid.
    There is a world of difference between having a high net worth (like the Ayalas, Sys, Tans or the Razons) and having a highly taxable income. Net worth is how much a person holds in cash, real property, stocks and bonds, cars, jewelry, and other assets after his/her liabilities are deducted. It has NOTHING to do with taxable income. Taxable income is how much income can be taxed for a particular fiscal year. These tycoons can stop working for an entire year, not have any income, and still land on the Forbes list next year, because the wealth they have already accumulated in past years is not easily displaced.

    Secondly, the wealth of the tycoons derive not from their income from their companies (some tycoons do not even take a salary from their companies), their wealth comes from their shares of stock in their respective companies. Shares of stock are not taxable; only when those stocks are sold is income earned and tax can be levied. This is why Apple’s Steve Jobs takes only $1.00 in token salary from Apple Corp. annually and still remains in the Forbes list every year. His wealth came from the market value of Apple stock, not cash earned. In the case of Philippine tycoons, it’s their companies that are in the Top 100 taxpayers’ list. This is easily verifiable in data published by the BIR.

    Lastly, the BIR shouldn’t even be publishing a list of how much tax has been paid by individuals. Corporations, yes, but not individuals. By doing so, big individual taxpayers frequently become targets of government extortion, kidnapping attempts and other illicit activities against their families. Small wonder every Philippine tycoon has to go around with a small army of bodyguards. In the US, it’s a federal offense to release any person’s tax returns, unless there is explicit permission from the taxpayer himself to do so. The BIR’s name-the-fattest-targets is doing wonders for the politicians seeking rich men to extort for campaign money in the elections, not to mention kidnappers looking for their next targets.

  • http://www.facebook.com/estee.muri Estee Muri

    May I asked as to why the BIR is releasing WHO is THE TOPMOST TAXPAYER?
    Ito ba ay CONDITIONING sa UTAK ng mga madlang Pilipimo para when Kris will run as a President in the future ( who knows she is another Aquino banking on the name of her parents) the Pilipino people will say, Hoy honest si Kris at tingnan ninyo Top Taxpayer iyan .TALO pa ang mga ONE OF THE RICHEST PEOPLE IN THE WHOLE WORLD SA FORBES list na sina LUCIO TAN at HENRY SY ! Ano ba BIR Chief na pandak, utos na naman ba iyan ni Presidente ? You can fool the Pilipino people perchance twice but not Three times. Pag mayroon pa uling Aquino na maging Presidente sa Pilipinas , then I will conclude HOPELESS na ang Philippines! Seguro naman tama na ang isang abnoy .Tsaring !

  • http://www.facebook.com/estee.muri Estee Muri

    those included in Forbes List as ONE of the richest people in the whole world were not in the TOP List as Taxpayer at the BIR? COMMON NOW ! HOY BIR GISING ! ANO KAYO DILAT ANG MGA MATA PERO WALA KAYONG NAKIKITA NA LOOPHOLE DIYAN sa mga Sy or Lucio Tan? Ano bang katarantaduhan iyan?

  • Lawrence C. See

    When income is in the form of compensation income, i.e. wages and
    salary, taxes are withheld at the source by the paying entity, i.e. the
    company one works for. If one is a businessman, he can always pay
    himself a lower salary and instead pay dividends taxes which has a lower
    tax rate. Tax avoidance is legal and allowed. Tax evasion on the other
    hand lands you in jail. Tax avoidance is simply exploring all legal and lawful options to reduce taxes due
    given the knowledge of how these tax laws are designed. It is not the
    businessman’s fault if the law allows certain leeway to business income.
    Compensation income however, just like all employees, are withheld at
    the source.

    • Lawrence C. See

      Lest anyone misunderstands, note that before dividends are paid, the company pays corporate income tax which is the same tax rate for the individual. So in fact, the owners are taxed twice, 1) corporate income tax and 2) dividends tax. The only difference is, by lowering the reported taxes paid individually, the person can become a less attractive kidnapping target.

  • Albert Einstien

    KRIS clearly is NOT the top taxpayer…based on HENARES
    explanation…but why go to MEDIA and give the TITLE to KRIS as top
    taxpayer for ALL to see if she is NOT really the TOP taxpayer.. what
    is the purpose or REASON for such PROPAGANDA…. : > )

    HENARES said ” if you had a ‘substituted filing’ where your company
    withheld income taxes for you and remitted it straight to the BIR, just
    like regular employees—it doesn’t matter how big your salary and tax
    payments are. You will not appear on the list.”

    Dividends from stocks are subject to a 20-percent final withholding tax and not subject to further levies.

    BIR & DOF should have the COMPETENCE FIRST to TALLY final taxes,
    compensation income, business income & withheld taxes BEFORE they
    PUBLICLY come out with LIST of TOP TAXPAYERS……The LIST is
    IN-ACCURATE, BIAS, & MISLEADING the PUBLIC…WHY ?

  • NoWorryBHappy

    Kris Aquino.Thank you for showing the way and being a good EXAMPLE.
    For being honest. And for not using your influence and relations to the powers that be to
    evade paying the right amount of taxes. Mabuhay ka, Kris Aquino.



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