Silka Papaya Tax Evader

The Tax Evasion of Cosmetique Asia, the maker of Silka Papaya Skin Whitening Products

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Silka Papaya Tax Fraud

We're ordinary citizens trying to help the Bureau of Internal Revenue reach its P1 Trillion Revenue target. We recently came across data showing that Cosmetique Asia Silka Papaya has deceptively hidden its real net sales since 2008. The data has been culled from Silka Papaya's own financial statements as well as from a reputable market research firm. The first red flags indicating Silka Papaya was evading taxes were clearly visible in its financial statements where it recorded unusually high net sales growth. Silka Papaya's Net Sales Growth was far above and weirdly consistent when compared to the sales growth of other firms -- with no evidence showing market expansion or market share contraction in other firms. Its cost of sales was also suspect as it was suspiciously high. This especially evident when compared with the sales growth of other firms. Moreover, we compared Silka Papaya's sales as stated in its Financial Statements and its sales as reflected in data from a market research firm. This comparison revealed that Silka Papaya has cheated the government out of more than P700 million to possibly P2 Billion in unpaid taxes.

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