Gold trader gets 10-year jail term over false ITR
Credit to Author: Tempo Desk| Date: Mon, 21 Jan 2019 10:05:31 +0000
THE Court of Tax Appeals (CTA) has sentenced a gold trader up to 10 years in jail for filing false income tax returns (ITR) for the years 2005 to 2009.
The Court’s Third Division also ordered Rex Chua Co Ho to pay the Bureau of Internal Revenue (BIR) deficiency income taxes totaling to P12.2 billion for the five-year period which included interest and surcharges.
The consolidated tax evasion cases arose from non-declaration of the businessman’s income from multi-billion-peso gold and silver transactions with the Bangko Sentral ng Pilipinas (BSP).
Ho admitted he did not include the sale of the gold and silver in his ITRs on the honest belief that it was tax exempt, pointing out that the BSP did not collect the required withholding tax.
What was declared, he said, was his earnings derived from his store Rex Gift Shoppe based in Ongpin St., Sta. Cruz, Manila.
In a 54-page decision, the court said the precious metal trader failed to supply correct information in his annual income tax returns as required under Section 255 of the Tax Code.
Associate Justice Erlinda Uy who penned the decision stated that the BIR was able to prove beyond reasonable doubt that the accused intentionally did not supply the correct information in his ITR. (Jun Ramirez)