BIR sues gold trader for P2.72B tax evasion - GMA News

The Bureau of Internal Revenue on Thursday filed a P2.72-billion tax evasion complaint against a businessman who had sold gold and silver to the Bangko Sentral ng Pilipinas (BSP) without filing corresponding tax returns.

The BIR accused Jimmy Bie Chua of five counts of attempt to evade tax and five counts of failure to file his annual income tax returns from 2005 to 2009.

The BIR investigated Chua, who has a business address at Barangay Mariana, Quezon City, because he was included on the BSP's of people who had gold and silver sales transactions with the BSP from 2005 to 2009.

Chua had sold to BSP refined gold and silver amounting to P769.54 million in 2005, P856.9 million in 2006, P442.30 million in 2007, P250.33 million in 2008 and P833.80 million in 2009, or a total of P3,152,870,000.

"A certification of the total sales and net paymemts received by Chua and copies of the Letters of Delivery and Sale detailing the number of pieces and the weight of the gold and silver sold by him were obtained by the BIR from BSP," the BIR said.

Chua's assessed aggregate deficiency income tax was P2.72 billion, the BIR said. — Mark Merueñas/BM, GMA News

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