4th Malampaya fund contractor charged

malampaya palawanA BUSINESSWOMAN was charged with tax evasion on Thursday at the Department of Justice (DOJ) for understating income from projects funded by proceeds from the Malampaya natural gas operation off Palawan.

Rebecca Tiotangco, owner of Puerto Princesa-based Anilos Trading and Construction, allegedly failed to pay P82.36 million in taxes (inclusive of surcharges and interests) for years 2008 and 2010, according to the complaint filed by the Bureau of Internal Revenue (BIR).

Tiotangco’s accountant, Edencio Cervantes, is also facing charges for certifying her alleged fraudulent financial statements.

Being in the business of construction and sale of construction supplies, Anilos was engaged by the Provincial Government of Palawan to construct several infrastructure projects from 2008 to 2010.

BIR investigation showed that Tiotangco declared in her income tax returns (ITR) a gross income amounting to P16.49 million in 2008 and P20.05 million in 2010.

However, the BIR got a certification from the Provincial Government that Tiotangco received income payments of P76.19 million in 2008 and P31.63 million in 2010.

A comparison of Tiotangco’s gross income declaration in her ITRs as against income payments she received from the Provincial Government would show that she substantially underdeclared her correct taxable income by P59.70 million or by 362 percent in 2008 and by P11.58 million or by 57 percent in 2010.

Tiotangco is the fourth Malampaya contractor to face tax fraud raps at the DOJ after Ulysses Consebido (deficiency tax: nearly P94 million),
Lorenzo Leoncio (P78.65 million) and Bella Tiotangco (P277.2 million).

Read more: http://www.sunstar.com.ph/breaking-news/2014/09/11/4th-malampaya-fund-contractor-charged-364929

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