Close  

BIR tax evasion case versus Rappler ‘on shaky ground’

/ 07:00 AM March 10, 2018

The Bureau of Internal Revenue’s (BIR) P133.84-million tax evasion case against Rappler Holdings Corp. (RHC) is on shaky ground, according to a securities law expert, who also acts as the legal counsel for the online news provider.

“The basis for the tax evasion case appears to be that RHC is a dealer in securities.  This is farthest from the truth. RHC is a holdings company, not a dealer in securities,” said Francis Lim, comanaging partner and senior partner at Angara Abello Concepcion Regala and Cruz Law Firm.

ADVERTISEMENT

“I have taught and practiced securities regulation for many years. It’s beyond me how the government can prove, even on a prima-facie case and much less beyond reasonable doubt, that RHC is a dealer in securities,” Lim, who was a former Philippine Stock Exchange president, said in a text message on Friday.

The Securities Regulation Code defines a securities “dealer” as any person who buys and sells securities for his/her own account in the ordinary course of business.

FEATURED STORIES

Based on a criminal complaint filed by the BIR at the Department of Justice, RHC together with Rappler founder and president Maria Ressa, a veteran journalist, and treasurer James Bitanga, were accused of failing to pay income tax and value added tax for what RHC earned from the issuance of Philippine depositary receipts to two foreign entities. —DORIS DUMLAO-ABADILLA

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Francis Lim, Media, Philippine news updates, Rappler, Tax evasion
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.