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BIR takes over condo units of delinquent firm


05/04/2010 [ tribune.net.ph ]

The Bureau of Internal Revenue (BIR) will garnish at least eight condominium units of a local property firm to settle its tax payments delinquency.
“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,” Internal Revenue Commissioner Joel Tan-Torres said.
Ebedev Inc. is a corporation engaged in the real estate business. In the course of the BIR investigation of its business operations and examination of its accounting records by the for the past three taxable years, it was discovered the company owed the BIR income taxes, value-added taxes, withholding taxes on compensation and withholding taxes on certain income payments.
A Final Assessment Notice (FAN) was issued against Ebedev for the taxable years 2003, 2004 and 2005 amounting to P66 million including surcharges, interests, and penalties after it failed to controvert the BIR findings. The basic tax due totaled P36 million.
After the FAN has become final and executory, the BIR issued and served the Warrant of Distraint and Levy and caused the annotation of tax liens on the titles of its condominium units.
The BIR also served a Notice of Levy with the Register of Deeds. Before the levy of the condominium units, the BIR was able to collect P333,647.52 after serving the warrant of garnishment on the corporation’s bank account.
The BIR said it will publish a notice of sale on the condominium units for three consecutive weeks in a newspaper of general circulation.
The BIR has set the auction Sale of the properties on May 19 when it expects to acquire title over the same properties.
“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 to comply and pay. Thus, we call on all taxpayers to comply now and avoid the same fate as Ebedev Inc. We might even pursue criminal prosecution against delinquent taxpayers under our Run After Tax Evaders program if the circumstances so warrant,” Tan-Torres added.
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