Villar: ‘I paid P72.2-M in taxes in 2012’
Manila, Philippines – If the list of the top 500 taxpayers for 2012 released by the Bureau of Internal Revenue (BIR) was more accurate, former Senator Manny Villar would have been listed as the second biggest taxpayer.
In his income tax return (ITR) for 2012, Villar paid P72.2 million as income tax for calendar year 2012, based on taxable income of P376.5 million, which he earned from the sale of shares of stocks of Vista Land & Lifescapes and Starmalls Inc. and acquisition of land.
Villar, who ended his two terms at the Senate last June 30, also paid P72,950 as income tax on his salary of P420,000 as lawmaker.
A taxpayer’s ITR is confidential but Villar made his ITR available to the press in response to a recent newspaper advertisement placed by the BIR. It said that 15 of the 40 richest Filipinos listed by Forbes magazine for 2012 did not make the BIR’s top 500 taxpayers list for the same year.
Taipan Henry Sy, Sr., listed by Forbes as the richest Filipino, was ranked by the BIR at No. 74, based on tax paid of P16.4 million, while his son, Henry Sy Jr., who paid P16.46 million in income tax, ranked 73rd.
In previous years, the BIR explained that not all wealthy individuals made the top taxpayers’ list because the list is based on regular income taxes paid by individuals.