CDO timber firm execs face P118-M tax evasion raps

MANILA The Bureau of Internal Revenue (BIR) on Thursday filed tax evasion charges before the Department of Justice (DOJ) against Cagayan de Oro-based Timber Wood Development Corp. for its failure to pay taxes amounting to PHP118 million.

Named in the charges are the company's president Ting-Pi Huang, chief financial officer Chiu-Ling Su, corporate secretary Ma. Sharon L. Remo, Christian M. Tong and Nenito P. Pialan.

They were charged with unlawful pursuit of business, failure to file excise tax returns, unlawful possession or removal of articles subject to excise tax and unlawful possession of spurious internal revenue stamps.

The company, based in Mohon, Tagoloan, Misamis Oriental, is registered as a plywood manufacturer.

The BIR Cagayan de Oro City Revenue District Office in a joint operation with the National Bureau of Investigation - Northeastern Mindanao Regional Office 10 (Nemro 10) found boxes of cigarettes and chewable tobacco products with spurious and counterfeit excise tax stamps.

A total of 798 master cases and 116 reams of various cigarettes and chewable tobacco products were seized while 24 reams are with counterfeit and spurious BIR stamps. (PNA)

Source: Philippines News Agency

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