P2.7-B tax raps filed vs gold trader

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Thursday, February 27, 2014

A QUEZON City-based gold trader was charged with tax evasion by the Bureau of Internal Revenue (BIR) before the Department of Justice (DOJ) on Thursday for failing to pay P2.72 billion to the government from 2005 to 2009.

In its complaint, the BIR said Jimmy Chua violated Sections 254 and 255 of the National Internal Revenue Code of 1997 for not filing income tax returns and not paying correct taxes during the five-year period.

A certification of the total sales and net payments received by Chua and copies of the Letters of Delivery and Sale detailing the number of pieces and the weight of the gold and silver sold by him were obtained by the BIR from Bangko Sentral ng Pilipinas (BSP).

The BIR learned that Chua sold to BSP (refined) gold and silver amounting to P769.54 million in 2005, P856.90 million in 2006, P442.30 million in 2007, P250.33 million in 2008, and P833.80 million in 2009, or for a total of P3.15 billion.

But Chua allegedly did not pay taxes for these transactions.

Inclusive of surcharges and interests, the trader's tax deficiency was P755.05 million in 2005, P785.95 million in 2006, P377.32 million in 2007, P197.48 million in 2008 and P604.67 million in 2009. (Sunnex)

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