BIR files tax evasion case vs gold trader
More News from Philippine Daily Inquirer
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.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94