Home » Uncategorized » Calata CEO owes govt P144M in tax liability, says BIR

Calata CEO owes govt P144M in tax liability, says BIR

April 13, 2015 6:48pm

Tags: kimhenares, calatacorp, taxevasion, taxevasioncase

The Bureau of Internal Revenue has sued the CEO of an agribusiness conglomerate in the Philippines for tax evasion.
BIR chief Kim Henares revealed that Joseph Calata, chairman and CEO of Calata Corportation, has incurred a tax liability of P144.49 million in 2011.
“Our 346th case is against Joseph H. Calata for willful attempt to evade or defeat taxes and deliberate failure to supply correct and accurate information in his income tax return for taxable year 2011,” Henares said during a press briefing on Tuesday.
According to the BIR chief, the company trades in seeds, fertilizers, animal feeds, agrochemical brands, veterinary medicines and other agriculture products. It listed on the Philippine Stock Exchange in 2012.
“I think this company became famous, because after it was listed prices jumped,” Henares noted.
CEO Calata invested P600,000 in the company in 2010. But in a span of one year, his investment rose to more than P217 million while gross sales through 2005 and 2011 only amounted to P2,756,533.33.
“If you have a gross sale of P2,756,533.33, the most that you can earn is that amount… ‘Pag tinignan n’yo po, there is a discrepancy of P217 million and P2.756 million. That means, where did you get the money?” the BIR chief said.
If one earns P200 million, he or she should pay an income tax of P100 million through the years, she said
“We are running after him for not declaring or under declaration of his income tax,” she added.
According to its website, Calata became the youngest chairman and CEO of a listed company at 31 years old when the company went public in 2012. The company was also made it to the 1000 Top Corporations in the Philippines.
Apart from Calata, the bureau also sued Sabroso Lechon. Henares said the restaurant under declared its income tax and did not file any ITR for several years. – VS, GMA News

 

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