BIR files tax evasion case vs alleged Binay dummy Antonio Tiu
MANILA, Philippines–The Bureau of Internal Revenue (BIR) on Thursday filed a tax evasion complaint before the Department of Justice (DOJ) against businessman Antonio Lee Tiu, the man who claimed to be the owner of 350-hectare “Hacienda Binay” in Batangas.
In its complaint, Tiu’s tax liability is P73.34 million for alleged substantial underdeclaration of income for taxable years 2008 and 2013.
BIR Commissioner Kim Henares said Tiu declared an income worth P824,244.25 in his income tax return for 2008, and did not declare income for 2013.
But records from the Securities and Exchange Commission (SEC) showed that he invested in or acquired shares of stocks worth P53.50 million in 2008, and P71.42 million in 2013. The SEC provided the BIR with General Information Sheets of Tiu’s firms, Agrinurture, Inc. and Tiu Peck and Sons Holding, Inc.
Henares said that through the Expenditure Method, the BIR was able to establish that Tiu substantially underdeclared his income by 6,395% in 2008 and by 100% in 2013.
Tiu also owns Binondo-based firm Spring Lover Trading.
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