BoC files P5-billion suit vs Phoenix Petroleum
By Danessa O. Rivera 05/06/2011The Bureau of Customs (BoC) yesterday filed a P5-billion smuggling case against Phoenix Petroleum Philippines Inc., one of the leading independent oil industry players in the country which in 2009 was ranked 211th among the country’s top 10,000 corporations, for violations of the Tariff and Customs Code.
Among the violations cited were non-payment of excise and value-added taxes, non-submission of import documents such as invoices and bills of lading by Phoenix president and CEO Dennis Ang Uy.
Based on the company’s own press releases, Phoenix is perhaps the country’s fastest growing oil company considering that its first quarter revenue of P6.1 billion this year was 122 percent higher than the P2.75 billion it made during the same period last year. The company also reported a 97 percent increase in volume year-on-year.
Also included in the charge sheet were Jorlan Capin Cabanes, a Davao-based Customs broker, and several John Doe/s and Jane Doe/s, among them Customs employees who conspired or colluded with other parties to defraud the government of much-needed revenues..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/metro/20110506met1.html
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