Another Malampaya contractor charged with tax evasion

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Friday, March 14, 2014

AN OWNER of a construction business in Palawan was charged by the Bureau of Internal Revenue (BIR) before the Department of Justice (DOJ) on Thursday for not paying taxes worth P62.46 million.

Agerico Banzon, owner of Banz Built Corporation, was tapped by the Provincial Government of Palawan (PGP) to construct several infrastructure projects funded by Malampaya gas fund from 2008 to 2010.

Citing documents from the Provincial Government, the BIR said Banzon received payments amounting to P17.79 million in 2008, P32.79 million in 2009, and P12 million in 2010.

However, investigation showed he only declared a gross income of P279,646 in 2008 or an underdeclaration of P17.51 million or 6,262.25 percent.

He also failed to file his income tax returns (ITRs) for 2009 and 2010 as well as his value added tax (VAT) returns for 2008 to 2010.

Banzon's tax liability, inclusive of surcharges and interests, is composed of P45.63 million representing income tax and P16.83 million for VAT.

Banzon is the fourth Malampaya contractor facing tax fraud charges.

Lorenzo Leoncio of LB Leoncio Trading and Construction (LBLTC) and Bella Tiotangco of BCT Trading and Construction were assessed late last year with a tax deficiency worth P78.65 million and P277.2 million, respectively.

Ulysses Consebido, owner of Seven Digit Construction and Supplies, has a tax liability of nearly P94 million.

All of them are based in Palawan. (Sunnex)

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