BIR sues gold trader in P2.7-B tax case

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The glitter of gold on Thursday led the taxman to another trader selling the yellow metal whose prices in the world market have soared over the past few years.

A gold trader based in Guadalupe, Cebu City, was charged in the Department of Justice with evading taxes amounting to P2.7 billion.

The Bureau of Internal Revenue (BIR) said Junrie Tenorio, who was on the list of traders selling gold to the Bangko Sentral ng Pilipinas, was accused by the central bank of selling P3.95 billion worth of gold from 2005 to 2009, but he did not file any income tax.

Tenorio is the sixth gold trader whom the BIR has charged with tax evasion since April. The gold traders allegedly have a total tax deficiency of P8.25 billion.

The BIR estimated Tenorio’s income tax deficiency for the five-year period at P2.7 billion, inclusive of surcharges and interests.

The gold trader is facing five counts of attempted tax evasion, 15 counts of failure to file quarterly income tax returns and five counts of failure to file annual income tax returns.

Office supplies

The BIR also filed charges of tax evasion against Avelino Aw-yong, an Iloilo City-based wholesaler and retailer of office supplies and equipment.

Aw-yong is the owner of Iloilo Izeem Commercial, which counts different government agencies, offices, schools, universities and other private institutions as its customers.

The BIR said Aw-yong declared sales of only P5.87 million in 2009 and P6.39 million in 2010, but third-party information showed that he received income payments of P20.33 million in 2009 and P23.43 million in 2010.

The BIR computed Aw-yong’s total income tax deficiency for 2009 and 2010 at P18.12 million, inclusive of surcharge and interest.

Tenorio and Aw-yong were both charged with violating Sections No. 254 and No. 255 of the National Internal Revenue Code.

The penalty for violating Section 254 is a fine of P30,000 to P100,000 and imprisonment of 2 to 4 years, while the penalty for violating Section 255 is a fine of at least P10,000 and imprisonment of one to 10 years.

Other gold traders

In April, the BIR filed tax evasion charges against four gold traders identified as Sylvia Chua Cantoria of Caloocan City, Diomedita Canonigo of Parañaque City, and Ronald Castro and Felonila Caluag, both of Meycauayan, Bulacan province.

They allegedly owed the government about P4.76 billion in taxes from gold sales between 2005 and 2009.

Castro and Caluag have gold trading businesses in Marilao, Bulacan; Cantoria in Trece Martires, Cavite province; and Canonigo in Talisay, Cebu province.

Virgilio Ipapo Ocampo, a Bulacan-based gold trader, was also charged in November with failing to pay more than P804 million in income taxes from 2005 to 2008. With a report from Inquirer Research

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • Anonymous

    The government should take a look at its suppliers and look at how much they pay in taxes. A lot of the government transactions are overpriced due to bribery. Let us look whether these guys will be brave enough to admit that they had fewer profits because they paid someone off.

  • Anonymous

    Yan ang parusa sa mga ayaw magLAGAY ng wasto. INVESTIGATE BIR officials first from commissioner to janitor! That’s where the biggest cheats are.

  • Anonymous

    It is great to file charges, now get them to court and convicted!!!

  • http://joboni96.myopenid.com/ joboni96

    gold export smugglers din siguro
    ang mga ito

    BSP gold buy down 76% due to smuggling

  • Anonymous

    Why don’t the government agencies just deduct a withholding tax from the invoices. At least 5 to 10% of the invoice, then at he end of the year when the seller completes their tax return it can be adjusted. But at least the government has collected that part of the tax.

    • Pepe Smith

      They do, like your salaries. Ayaw lang magbigay ni Tenorio kaya inupakan sya ng BIR

  • Anonymous

    Teka, bakit wala yatang nababalita na taga-BIR na nakakasuhan dahil sa pangugurakot?

  • Pepe Smith

     Now we will see a big drop of gold that will be sold to the Central Bank because most of it will be smuggled to Hongkong and India. He sold 3.95 billion worth of gold and he owed the BIR 2.7 billion?How can that be? When you buy and sell gold, the most profit that you can gain, at most is 5%. So 5% fo 3.95 billion is197.5 million, then this is the amount that is taxable. Sira na talaga ang mga taga BIR, siguro hiningian si Tenorio tapos ayaw magbigay kaya inupakan ng BIR. Pwe

  • http://pulse.yahoo.com/_Q3QGG5QHBLRMZTIYWUFURY6J2E Night

    lahat ng chekwa…. tax evader…. habulin yang mga chekwa na yan

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    ayos agree !

  • Anonymous

    Jeez! Quit being a douche. You need to love yourself more, before shouting to the world to understand you.

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    i agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    i agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    i agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    ayos agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    ayos agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    ayos agree !

  • http://twitter.com/Renato_SUPUT Renato SUPUT Pacific

    ayos agree !

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