Gold trader sued for P2.6-B tax loss
Friday, December 9, 2011
CEBU CITY (Updated) — A city-based gold trader was charged with tax evasion before the Department of Justice (DOJ) Thursday after he failed to pay P2.67 billion in taxes for gold purchases from 2005 to 2009.
Junrie Daitol Tenorio of Barangay Guadalupe, Cebu City, is in the list of businessmen who have been selling gold to the Bangko Sentral ng Pilipinas (BSP) as of last May.
Based on the documents gathered by the Bureau of Internal Revenue (BIR), Tenorio sold gold to BSP amounting to P3.95 billion between 2005 and 2009.
Tenorio, however, failed to remit his tax dues to the government for these transactions.
BIR Commissioner Kim Henares said Tenorio will face five counts of willful attempt to evade tax, 15 counts of willful failure to file quarterly income tax returns (ITRs) and five counts of willful failure to file annual ITRs for taxable years 2005 to 2009.
Sun.Star Cebu sought the help of Guadalupe Barangay captain Michael Gacasan in reaching Tenorio, but the village chief said they have lost track of the trader’s whereabouts.
A few months ago, a messenger of the barangay’s Lupong Tagapamayapa tried serving a subpoena for Tenorio in his house in Sitio Banawa, but he was told that the businessman no longer lives there.
“Our messenger has been looking for him to serve a subpoena but when he delivered it to the address given, he was not there anymore. We also tried checking his voter’s registration records and we found out that he’s not registered in Guadalupe,” Gacasan told Sun.Star Cebu.
He could not recall what complaint the subpoena was for.
The BSP buys gold from small-scale miners in accordance with Republic Act No. 7076 or the People’s Small Scale Mining Act of 1991, and from other sources, including gold traders.
Under RA 7076, the BSP is mandated to buy all the gold offered to them by the small miners and traders at fair market value.
The Central Bank then refines the gold to forms acceptable in the international bullion markets, to help strengthen the country’s reserves. Gold can also be used to borrow funds overseas whenever there is a shortage of foreign exchange.
Aside from Tenorio, an Iloilo City-based wholesaler of office supplies and equipment was also charged with tax evasion.
Avelino Aw-yong owns Iloilo Izeem Commercial, a retailer and wholesaler of office supplies. His clients include government agencies, offices, schools, universities and other private institutions.
The BIR said Aw-yong declared sales of only P5.87 million in 2009 and P6.39 million in 2010, but third party information showed that he received income payment of P20.33 million and P23.43 million for the two years.
The BIR computed Aw-yong’s total income tax deficiency for 2009 and 2010 at P18.12 million, inclusive of surcharge and interest.
Tenorio and Aw-yong are being charged for violations of sections 254 and 255 of the National Internal Revenue Code of 1997.
The penalty for violating section 254 of the Tax Code is a fine of P30,000 to P100,000 and imprisonment of two to four years, while the violation of section 255 of the tax code carries a fine of at least P10,000 and imprisonment of one to 10 years. (Virgil Lopez/Sunnex/LCR of Sun.Star Cebu)
Published in the Sun.Star Cebu newspaper on December 09, 2011.
http://www.sunstar.com.ph/cebu/local-news/2011/12/09/gold-trader-sued-p26-b-tax-loss-194885
Best Restaurant in Clark Pampanga unveils regional dinner menu featuring the classic cuisine of Italy, all designed to pair nicely with fine vintage wines from Italy’s wine regions such as Tuscany, Piedmont, Veneto and Sicily, one more reasons for food and wine lovers to travel to Angeles City, Clark Philippines to satisfy their thirst for a wonderful meal at a fine dining restaurant, the best place to eat in Pampanga.
Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.
Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions
Looking for a party venue in town?
Clearwater Resort and Country Club is one of the ideal venues for birthday party because it is a risk free venue. Not only Birthday Parties but also a good place to enjoy family reunion. A good place to celebrate special occasions. Clearwater Resort and Country Club is one of the resorts in Subic Clark Angeles City Pampanga or near Manila with activity amenities, place that are nice for celebration. It is one of North Luzon Philippines’ top hotels that is trouble free, risk free, and a nice place to have rest in Subic. A well-recognized and interesting hotel.
The new regional set menus rolled out recently by the best restaurant in Clark Pampanga stirred up renewed interest among visitors from Manila for real fine dining treat in Clark Pampanga as wine lovers from Subic, Tarlac, Manila, Angeles City, Clark Pampanga Philippines wine and dine at Yats Restaurant to enjoy good food paired with fine vintage wines from the wine cellars of this highly recommended resto bar in Pampanga
Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila. Yats Restaurant is one of the good restaurants in Pampanga, a restaurant with good food, a place that is nice for celebration, ideal for business dinner meeting, a good place to enjoy family reunion, and an attractive restaurant that serves good wines for dinner.
Visitors come from Manila, Angeles City, Pampanga, Subic and Clark Philippines to enjoy a sumptuous seafood dinner at Yats Restaurant. Many guests order excellent white wine from the award-winning restaurant wine list of this famous fine dining restaurant in Clark. Favorite wine orders for guests in this restaurant include Chablis, Chassagne-Montrachet, Sancerre, Chardonnay of Chile’s Casa Lapastolle, Sauvignon Blanc from New Zealand and South Africa, Rose from Anjou, Pinot Noir from USA and Burgundy France and the all-time favorite, Meursault. A wide range of sparkling wine and Champagne is available also in this restaurant in Pampanga which is famous for its selection of vintage wines. Popular choices of guests in this restaurant include Paul Bara Champagne, Crement de Bourgogne, MUMM Cuvee Napa Sparkling wine, Prosecco and Cava.
For comments, inquiries and reservations click on Click here for inquiry and reservations
Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Pampanga? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
For any assistance in planning and organizing a wedding ceremony, indoor or outdoor garden reception or to find other wedding service providers, Click here to contact us click here
For assistance in hotel and resort bookings in Clark, Pampanga, Philippines, log on to
http://www.HotelClarkPhilippines.com
To buy wine in Manila, Pampanga, Angeles City, Clark or Subic please log on to http://www. ClarkWineCenter.com
To inquire with the highly recommended beach resort hotel in Clark Pampanga visit http://www.ClearwaterPhililippines.com
For more information about Clark, Pampanga, Philippines log on to
http://www.ClarkPhilippines.com
