Bureau of Internal Revenue (BIR) officials said Sunday they have rejected the initial offer of business tycoon Lope Jimenez to settle the alleged multi-billion peso tax debts of his fishing company, saying the amount is too small.

Malabon revenue officials disclosed this as they denied reports that the tax liabilities of the Jimenez-owned Buena Suerte Jimenez Fishing and Trading Inc.(BSJFTI) would not prosper because tax assessment papers were missing.

They said all pertinent documents have been transferred by the BIR's national investigation division (formerly the tax fraud division) to the Malabon revenue district office which is located almost adjacent to the sprawling BSJFTI complex in the city.

The tax debts of Jimenez came into the limelight after he was implicated in the gruesome murder of his daughter-in-law Ruby Rose Barrameda. He, however, vehemently denied the charges.

Records showed that more than a billion pesos in deficiency income taxes, including fines and surcharges, were slapped against the fishing company for the year 2006 after the Board of Investments (BOI) said it did not grant any tax exemption to the company.

The fish company had earlier claimed it was a recipient of a tax holiday status from BOI.

The P1 billion assessment is on top of some P2 billion initial tax deficiency assessment for the years 2007 and 2008 which the BSJFTI is also protesting.

The BIR said it is the right of every taxpayer to contest a BIR assessment, Malabon tax officials said.

Revenue officials said the deficiency income tax assessment is based on the "best obtainable evidence" they gathered on the 800-fleet or so fishing operations of the firm which also operates as a security agency.