^

Headlines

Binay campaign fund 'donors' face tax evasion raps

Patricia Lourdes Viray - The Philippine Star

MANILA, Philippines - The Bureau of Internal Revenue (BIR) on Thursday filed tax evasion cases against spouses James Lee Tiu and Ann Loraine Tiu, who reportedly contributed to Vice President Jejomar Binay's election campaign last 2010.

BIR Commissioner Kim Jacinto-Henares announced during a press conference that the couple was charged with willful attempt to evade or defeat tax and deliberate failure to supply correct and accurate information in their Income Tax Return (ITR) for taxable years 2010 and 2011 for James and 2010 to 2012 for Ann Loraine.

According to Henares, James made a down payment for a BMW3351 Cabrio in 2010 which amounts to P5.85 million. 

In the same year, James sold P259,500 worth shares of stocks , declared P150,000 incurring cost and expenses and paid an amount of P9,511 Capital Gains Tax.

He declared total sales of P4.01 million and claimed expenses amounting to P3.65 million in his 2010 ITR and paid a total of P58,750m income tax.

In his 2011 ITR, James declared sales worth P3.15 million, claimed P2.7 million cost of sales, deducted P125,000 worth of expenses and paid a total of P42,000 income tax.

Commission on Elections documents revealed that James and his wife Ann Loraine contributed a total of P7.5 million each for the vice presidential candidacy of Binay and P2.5 million each to political party PDP Laban in the 2010 national elections.

READ: Comelec: No idea on background of campaign contributors

In 2011, Ann Loraine invested around P7.5 million to Greenergy Holdings, Incorporated and another P21.5 million in 2012.

According to Henares, Ann Loraine failed to file her ITR for taxable years 2010, 2011 and 2012. 

The couple is sued for aggregate income tax liability which amounts to P39.03 million, inclusive of surcharges and interests, according to Henares.

James Tiu is the brother of businessman Antonio Tiu, the alleged dummy of Binay who claims to own the 150-hectare agricultural estate in Rosario, Batangas.

RELATED: Senators won’t buy Tsinoy trader’s story

ANN LORAINE

ANTONIO TIU

BINAY

BUREAU OF INTERNAL REVENUE

CAPITAL GAINS TAX

COMMISSIONER KIM JACINTO-HENARES

GREENERGY HOLDINGS

HENARES

INCOME TAX RETURN

MILLION

  • Latest
  • Trending
Latest
Latest
abtest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with