BIR files tax evasion case vs Albay-based Ferrari owner

THE Bureau of Internal Revenue (BIR) on Thursday filed a tax evasion case against an Albay-based Ferrari owner who sold his car to the James Tiu, brother of businessman Antonio Tiu, the alleged front in the acquisition of illegal wealth by Vice President Jejomar Binay when he was mayor of Makati City.

According to the BIR, Rex Pepito Cortez has been slapped with a complaint for willful attempt to evade or defeat tax and deliberate failure to file his annual income tax return for taxable years 2013 and 2014.

Based on the records from the Land Transportation Office (LTO), Cortez bought the 2013 model Ferrari/FF/Coupe in December 2013 worth P15.41-million. Then, on March 24, 2014, he sold the luxury vehicle for P33-million.

BIR Chief Kim Henares said records showed that the buyer of the vehicle was Tiu.

“So, based on the records by the Land Transportation Office, he imported the car or brought the brand-new luxury car on Dec. 4, 2013, worth P15.41 million. The description of the car is 2013 Model Ferrari/FF/Coupe. Then, in March 2014, he sold it for P33 million. For 2013 or and based on our records, he’s just an employee,” Henares said.

The BIR said Cortez’ total tax deficiency is P16.88-million including surcharges and interests.