Taxman hounds gold trader for P2.7 billion

Internal Revenue Commissioner Kim Henares INQUIRER FILE PHOTO

MANILA, Philippines—A gold trader is facing tax-evasion charges at the Department of Justice (DOJ) after the Bureau of Internal Revenue (BIR) sued him for tax liabilities amounting to P2.72 billion.

Internal Revenue Commissioner Kim Henares acknowledged Thursday that the amount of tax liabilities being asked from gold trader Jimmy Bie Chua was the highest amount her office had sought so far in terms of the gold trading business.

A complaint was filed by the BIR against Chua for five counts of attempt to evade or defeat tax, and five counts of willful failure to file his annual income tax returns and to pay taxes for taxable years 2005 to 2009.

This was in violation of Sections 254 and 255 of the National Internal Revenue Code of 1997, as amended.

The name of Chua, a BIR-registered one-time transaction taxpayer, was included on the list of individuals who had gold and silver transactions with the Bangko Sentral ng Pilipinas (BSP) from 2005 to 2009. The list was submitted by the BSP to the BIR.

Chua was found to have sold refined gold and silver to BSP in that five-year-period with total sales amounting to P3.15 billion.

But the BIR said Chua failed to file his annual ITR for the same period.