Gold trader faces P732-M tax evasion case

Posted at 01/03/13 12:20 PM

MANILA, Philippines - The Bureau of Internal Revenue (BIR) slapped a gold trader with a P731.67 million tax evasion charge before the Department of Justice (DOJ).

Named as respondent in the BIR complaint was Teofilo T. Oraa of Sta. Cruz, Manila.

BIR Commissioner Kim Henares bared that Oraa sold to the Bangko Sentral in 2009 gold and silver amounting to P1.116 billion, based on copies of the Letters of Delivery and Sale obtained by the bureau.

The complaint stated that Oraa willfully failed to declare all his income in his annual Income Tax Returns (ITR) for 2009. The gross sales declared in his ITR only amounted to P0.634 million while payment he allegedly received from the Bangko Sentral amounted to P1.115 billion, representing an alleged gross underdeclaration of sales by 175,796% or P1.114 billion.

The case against Oraa was the 142nd filed by the BIR's Run After Tax Evaders (RATE) program under the Aquino administration.

Oraa has yet to receive a copy of the complaint.