Manny V. Pangilinan. FILE PHOTO
Two companies led by tycoon Manuel V. Pangilinan led the Bureau of Internal Revenue’s (BIR) list of top corporate taxpayers in 2014.
(Complete list here.)
Citing data as of Jan. 12, the BIR said on Thursday that Pangilinan-led Manila Electric Co. (Meralco) was the top non-individual taxpayer for taxable year 2014, having paid P9.7 billion in income tax due.
Also Pangilinan-led Smart Communications Inc. paid the second-highest amount of income taxes two years ago, worth P9.5 billion.
In 2013, Smart was ranked No. 1 non-individual taxpayer, while Meralco came in second place. Pangilinan chairs both Meralco and Smart.
READ: 2 MVP-led firms top taxpayers in 2013
Rounding up the top 10 top corporate taxpayers last 2014 were Nestle Philippines Inc., Shell Philippines Exploration BV, Chevron Malampaya LLC, San Miguel Brewery Inc., Globe Telecom Inc., Unilever Philippines Inc., SM Prime Holdings Inc., and BDO Unibank Inc.
Under Revenue Memorandum Order No. 2-2016 issued by Commissioner Kim S. Jacinto-Henares early this month, the BIR’s Large Taxpayers Service was mandated to collect P1.23 trillion or three-fifths of the P2.026-trillion target collections of the country’s largest revenue agency.
The BIR defines large taxpayers as corporations with authorized capitalization of at least P300 million registered with the Securities and Exchange Commission; multinational enterprises with authorized capitalization or assigned capital of at least P300 million; publicly-listed corporations; universal, commercial and foreign banks; taxpayers with an authorized capitalization of at least P100 million belonging to the banking, insurance, petroleum, telecommunications, utilities, alcohol and tobacco industries; and corporate taxpayers engaged in production of metallic minerals.