BIR files tax evasion raps vs Neri, et al. for undeclared perks By Benjamin B. Pulta 11/05/2010

BIR files tax evasion raps vs Neri, et al. for undeclared perks

By Benjamin B. Pulta 11/05/2010

Tax evasion charges were filed by officials against two former officials of the Social Security System (SSS), Romulo Neri and Thelmo Cunanan, both of whom were known allies of then President Arroyo.

Bureau of Internal Revenue (BIR) Commissioner Kim Henares said that Neri was liable for under-declaration of his income for the years 2008 and 2009 when he was still president of the state pension fund and for failing to pay tax liabilities of P18.3 million.

“A comparison made by BIR investigators of the gross income or revenues declared by Neri in his income tax returns (ITRs) for taxable years 2008 and 2009 as against the income payments he received from various corporations for the same years revealed that he deliberately failed to declare his correct tax base by substantially under-declaring his income for two consecutive taxable years,” said Henares at a
press conference held at the Department of Justice.

In 2008, Henares said Neri earned a total taxable income of P11,352,006.97 while in 2009, he earned P34,212,471.87 in his capacity as president and as nominee to the Board of Directors of several companies where SSS invested some of its members’ money, among them, Philex Mining Corp. (PMC) and Union Bank of the Philippines..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20101105hed2.html