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[av_heading heading=’Rappler Holdings faces tax evasion rap’ tag=’h3′ style=’blockquote modern-quote’ size=’30’ subheading_active=’subheading_below’ subheading_size=’18’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
BY ADRIAN STEWART CO
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Friday, March 9, 2018
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MANILA – The Bureau of Internal Revenue yesterday filed before the Department of Justice a tax evasion complaint against Rappler Holdings Corp.
Rappler Holdings’ president Maria A. Ressa and treasurer James C. Bitanga were charged with violation of the National Internal Revenue Code over the company’s annual income tax and value-added tax returns in 2015.
“The respondents were indicted for violation of the National Internal Revenue Code for willful attempt to evade or defeat tax and for deliberate failure to supply correct and accurate information in its in 2015 ITR and VAT,” said the BIR.
Based on the BIR complaint, Rappler Holdings purchased common shares from Rappler, Inc. worth P19,245,975, and issued and sold Philippine Depositary Receipts (PDRs) to two foreign firms worth P181,658,758.67.
Rappler Holdings also used the same common shares it purchased from Rappler, Inc. as underlying share of the PDRs for profit and transmitted economic rights to the PDR holders, the BIR added.
“[Rappler Holdings] is subject to income tax and VAT, being a dealer in securities,” said the bureau. “But the annual ITR and VAT returns for 2015 does not reflect any IT and VAT from the PDR transaction.”
“As consequence of its acts and omissions, the aggregate tax liability of [Rappler Holdings] amounted to P133,841,305.75 broken down as follows: IT-P91,320,481.08 and VAT-P42,520,824.67,” it added.
In a statement, Ressa called the BIR complaint “ludicrous.” She urged the bureau to “check its own records.”
“This is clear intimidation and harassment,” Ressa said. “The government is wasting its energy and resources in an attempt to silence reporting that do not please the administration.”/PN
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