Aquino pays P34-M taxes
MANILA, Philippines – President Benigno S. Aquino III has given the 2011 tax collection campaign of the Bureau of Internal Revenue (BIR) a big boost by paying P34 million in capital gains tax (CGT) and documentary stamp tax (DST) for the sale of a piece of land in Antipolo City, it was learned Wednesday.
Insiders said the accountant of the President did not ask for discount and readily paid the assessment when he went few weeks ago to the Marikina revenue district office which has jurisdiction over Antipolo.
Concerned BIR officials refused to give information on the deal for fear they might be accused of unlawful divulgence.
However, they expressed the hope that the magnanimous gesture of the President should be emulated by other taxpayers for the good of the country and its people.
Under Section 270 of the Tax Code, a revenue official or employee found guilty of unlawful disclosure may be jailed up to five years. The offense also carries a fine of P50,000 and perpetual disqualification from holding a government job.
But reliable sources said the 14-hectare land is not personally owned by the President but formed part of the estate of his mother, former President Corazon C. Aquino.
The buyer was said to be one of the firms belonging the Robinsons Group of Companies.
Based on the payment of the six percent CGT and 1.5 percent DST, the selling price was estimated at around P466 million.
The transaction surfaced during the launching of the BIR's 2011 tax collection campaign hosted by the Quezon City revenue region, headed by Director Nestor S. Valeroso.
The Marikina field office, headed by Lino Yap, is one of the 10 revenue district offices under the Quezon City region.
Records show the district offices of the region raised P7.3 billion in January which was P1.4 billion higher than the actual collection of P5.9 billion for the same period last year, or a collection growth rate of more than 24 percent.
BIR Commissioner Kim S. Jacinto--Henares has instructed all regional and district offices nationwide as well as the specialized audit divisions in the national office to hike the growth rate by at least 20 percent to enable the agency to hit its P940-billion target of the year.
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Comments
That's good and dandy but we all know this revenue collection does'nt
go to social welfares fund but to social friends and families of the BIR cronies.Off course they're not going to pay taxes for income derived frm the public coffers.There's no carma in the Philippines,do we really have souls?
Let's give credit where it's due. President Aquino appears to be putting money in the hands of his Government that, in all likelihood, could have been saved through legitimate tax and estate planning by his Mother and him. Paying the tax due is morally the right thing to do; however the President and his administration now needs to prove that income tax and other funds collected are applied equitably across Philippines' society. If funds are not applied in a transparent and fair way, he would have been better advised to have legally reduced his tax bill, and then used the savings to establish a charitable trust or foundation to provide relief to the poorest and most needy members of Filipino society. The middle and upper-income members of our community do not lack the ability to pay tax, and many (although clearly not all) would willingly pay far more; provided they are convinced their tax payments are applied properly. This will take more than our President making a personal payment of PHP34mio in tax. It will require a concerted effort by the President and his administration to prove they care about improving the lives of all Filipinos, particularly the disadvantaged.
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