Posted on 07:35 PM, April 30, 2010 [ BusinessWorld Online ]
The Bureau of Internal Revenue (BIR) is set to acquire eight condominium units of a real estate firm to cover more than half a billion worth of backtaxes.
"We are set to acquire the condominium units in settlement of the delinquent accounts of EBEDEV, Inc. for taxable years 2003, 2004 and 2005. We have already effected the required procedures and served the necessary documents. Unless the taxpayer pays up, we will let the legal process run its course until we acquire title over the said condominium units," BIR Commissioner Joel L. Tan-Torres said in a statement.
The BIR said that in the course of its investigation of EBEDEV, Inc.’s business operations, it found that the company owed P65.969 million worth of income taxes, value-added taxes, and withholding taxes for the years 2003 to 2005, inclusive of penalties.
The BIR said it had issued a final assessment notice to the company as well as a notice of levy on the condominium units. Prior to the notice of levy, it collected P333,647 after serving a warrant of garnishment covering the corporation’s bank account.
"The BIR’s drive to collect unpaid and delinquent taxes will not stop here. It has just begun and we will continue our drive to make delinquent taxpayers comply and pay. Thus, we call on all taxpayers to comply now and avoid the same fate as EBEDEV, Inc.," Mr. Tan-Torres said.
The BIR is running after tax evaders as part of efforts to improve revenue collections.
This year, the agency is tasked to collect P830 billion. Last year, it collected P743.4 billion, lower than the goal of P798.5 billion.
The government expects to incur a wider-than-expected budget deficit of P293 billion, or 3.5% of gross domestic product (GDP), this year. -- LDD