Economy



By Diane Claire J. Jiao, Sub-Editor


BIR orders two Pasig firms closed




Posted on November 16, 2013


The Bureau of Internal Revenue (BIR) has ordered the closure of two establishments in Ortigas Center, Pasig City, after they allegedly underdeclared their income to cut back on taxes.

Events place JCM Exhibit Depot, located at Mega Plaza, ADB Avenue corner Garnet Road, as well as Baldo Construction and Development Corp., in PSEC West Tower, Exchange Road, were shuttered on Friday, the BIR said in a statement.

JCM Exhibit Depot is owned by events organizer Carlo Naguit Martin. The BIR said the firm failed to file its income tax and value-added tax (VAT) returns for 2011, underdeclaring all of its earnings for that year, estimated at P57.068 million.

Baldo Construction, headed by Christopher A. Baldo, is engaged in general contracting for roads and buildings, counting among its clients the San Miguel group of companies. It allegedly underdeclared its 2011 taxable sales by more than 40%, disclosing only P15.413 million.

“The closures were effected after the subject taxpayers failed to comply with the requirements specified in the 48-hour Notice and the 5-day VAT Compliance Notice...” the BIR said in the statement.

The tax bureau has been shutting down establishments that violate the National Internal Revenue Code under its Oplan Kandado program. It is the main revenue collection agency of the government, accounting for some 70% of revenues.

The BIR is mandated to collect a total of P1.253 trillion in revenues this year. As of October, it has netted P993.54 billion.