Closure order vs Megaworld Corp halted as firm vows cooperation with BIR – exec

Bureau of Internal Revenue

MANILA, Philippines — The implementation of a closure order against Megaworld Corp. has been suspended by the Bureau of Internal Revenue (BIR) after company representatives assured “full cooperation” with the taxman.

In a media advisory on Tuesday afternoon signed by BIR National Capital Region Director Eduardo Pagulayan Jr., the agency said the closure order purportedly for implementation on Wednesday, March 18, was “held in abeyance.”

“The activity tomorrow (May 18, 2022) is being held in abeyance until further notice. Representatives from Megaworld Corporation manifested their full cooperation with all the requirements of the Bureau of Internal Revenue,” BIR said.

The clarification from the bureau came after a separate media advisory was released earlier, saying that a closure order would be served to Megaworld Corp. at its office in Bonifacio Global City, Taguig.

The advisory said that Pagulayan, Deputy Commissioner Arnel Guballa, and other officials would attend the event.  There was no mention, however, of the exact reason why Megaworld Corp. was almost shut down.

In a disclosure made by Megaworld Corp. on its Philippine Stock Exchange EDGE Portal, Compliance Officer and Corporate Information Officer Francisco Canuto said they are verifying the issue with the BIR.

“We got hold of the media advisory regarding the closure order.  We are currently verifying and clarifying this with the Bureau of Internal Revenue,” Canuto said in the statement.

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