2 MVP-led firms top corporate taxpayers in 2014

Two companies headed by tycoon Manuel V. Pangilinan led the Bureau of Internal Revenue’s (BIR) list of top 500 corporate taxpayers in 2014.

Citing data as of January 12, the BIR said on Thursday Manila Electric Co. (Meralco) was the top non-individual taxpayer for taxable year 2014, having paid P9.69 billion.

Smart Communications Inc. paid the second-highest amount of income taxes, worth P9.45 billion. Pangilinan chairs both Meralco and Smart.

The two remained the leaders on the list, only switching places in previous years.

In 2013, Smart was top non-individual taxpayer with P10.89 billion in payments, while Meralco came in second place with P9.69 billion. The prior year, Meralco edged out Smart as the top corporate taxpayer.

Nestle Philippines Inc., which paid a higher P5.34 billion in taxes, moved up one notch to third spot in 2014.

Rounding up the top 10 corporate taxpayers in 2014 were Shell Philippines Exploration BV (P5.27 billion), Chevron Malampaya LLC (P5.25 billion), San Miguel Brewery Inc. (P4.88 billion), Globe Telecom Inc. (P4.74 billion), Unilever Philippines Inc. (P3.15 billion), SM Prime Holdings Inc. (P3.13 billion), and BDO Unibank Inc. (P3.11 billion).

Ranked 11th to 20th were Toyota Motor Philippines Corp., Bloomberry Resorts and Hotels Inc., Metro Rail Transit Corp., Holcim Philippines Inc., Universal Robina Corp., Bank of the Philippine Islands, Philippine Ports Authority, Emperador Distillers Inc., Fort Bonifacio Development Corp., and Manila Water Co. 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 biggest 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.

The BIR earlier reported Chinese-Filipino tycoon Jacinto L. Ng paid the highest amount of regular income taxes totaling P280.1 million in 2014. Ng heads the Rebisco Group, which includes Republic Biscuit Co. (Rebisco), Asia United Bank, Oakwood Premier Joy-Nostalg, Crystal Jade and Elanvital Enclaves, among other firms.

Boxing champion and Sarangani Rep. Emmanuel “Manny” Pacquiao paid P210.3 million in 2014, but ended only second to Ng. He was first on the list the previous year.