Jul 12, 2017 @ 20:27

The public wished a giant fish and Finance Secretary Sonny Dominguez delivered a monster.

Dominguez bared yesterday a proposal by the Wong Chu King household to pay P25 billion to settle its P37.88 billion tax deficiencies and penalties for utilizing faux stamp taxes on hundreds of thousands of cigarette packs seized inside its warehouses.

This would be the biggest tax settlement case in the nation since 2012 when the Philippine seller of Audi and Porsche, PGA Cars, paid P1 billion to settle its again taxes from 2007 to 2010.

Last April, President Rodrigo Duterte urged Dominguez to go onerous on oligarchs who’ve cheated the federal government of billions of pesos in taxes.

“‘Yung mga mayaman, talagang kalaban ko ‘yan. Sabihin na ninyo na inggit ako sa inyo, totoo ‘yan, p— ina kayo pero magbayad kayo. Kaya inggit ako na galit sa inyo. Bakit ‘di ako maiinggit? Yumayaman kayo nang yumayaman ‘di naman kayo bumabayad ng taxes,” stated Duterte who named Bilyonaryo Lucio Tan amongst them.

“Lucio Tan has almost billion, 30 billion. He has to pay. He has to pay. Lahat, they have to pay,” Duterte stated.

But it was Tan’s biggest rival in the cigarette trade, the Wong Chu King household , who obtained nailed first by Dominguez.

Mighty is elevating P45 billion by promoting Mighty lock, inventory and barrel to Japan Tobacco, makers of Winston and Camel cigarette manufacturers and utilizing a part of the the cash to pay the Bureau of Internal Revenue.

The P25 billion settlement would cowl the P3.5 billion in deficiency excise taxes on its cigarette merchandise that are actually the topic of the three tax instances pending earlier than the DOJ; and the P21.5 billion tax liabilities in the final six years.

The Wong Chu Kings have agreed to bury Mighty after surrendering to Japan Tobacco all its manufacturing and distribution enterprise and belongings, together with the mental property rights related to these belongings, together with these owned by the corporate, Wong Chu King Holdings Inc., and different associates.

Dominguez stated he was nonetheless finding out the supply which Mighty hoped to conclude in one week or by July 20.

Dominguez was adamant that the settlement would solely cowl Mighty’s tax deficiencies and never the felony charges that is likely to be filed in courtroom by the Bureau of Internal Revenue (BIR) in opposition to the corporate.

Source: politics.com.ph