Friday, November 30, 2012

BIR files tax evasion raps vs gold trader

by Ina Reformina, ABS-CBN News
Posted at 11/29/2012 2:06 PM | Updated as of 11/29/2012 2:06 PM
Originally Posted Here

MANILA, Philippines -  A gold trader was charged with tax evasion before the Department of Justice (DOJ) for underdeclaring his income from 2006 to 2009 and failure to pay the appropriate income taxes.

Charged by the Bureau of Internal Revenue (BIR) was Francois Joseph Xavier Rast, proprietor of Rast Metalor Phils., with business address at VFP Bldg. II, Veterans Center, Taguig, for a total tax deficiency of P558.03 million.

BIR Commissioner Kim Henares said Rast sold to the Bangko Sentral refined gold and silver amounting to P118.15 million in 2006, P209.54 million in 2007, P306.93 million in 2008, and P238.06 million in 2009, or a total amount of P872.68 million, but failed to declare his income. 

"A comparison of the gross income he declared in his tax returns with the net payment he received from BSP in the years in question revealed that he grossly underdeclared his income by more than 30%," the BIR said, in a statement. 

The case against Rast is the 137th filed by the BIR under the Run After Tax Evaders (RATE) program under the Aquino administration.

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