BIR: Eduardo Cojuangco entitled to tax breaks

Eduardo “Danding” Cojuangco Jr. INQUIRER FILE PHOTO

Businessman Eduardo “Danding” Cojuangco may be entitled to tax deductions from the shares of stocks that he has lost in United Coconut Planters Bank (UCPB) following the Supreme Court final ruling that these are owned by the government.

“He has to prove that his taxes have been paid not in relation to the transfer of the shares but in relation to if he had reported the income as to how he had acquired it,” Internal Revenue Commissioner Kim Henares said Thursday. “Did he declare it as income in relation to the acquisition of that asset?”

Henares also said Cojuangco also had to prove that he had returned the UCPB shares as well.

She said Cojuangco was entitled to tax deductions “if he can prove all these things.” Christine O. Avendaño