INC’s massive Philippine Arena builders faces smuggling case as it has failed to pay rightful taxes on imports of materials.
PHILIPPINE ARENA – The San Jose Builders Inc. is the one responsible for building the massive Philippine Arena of the Iglesia ni Cristo and was allegedly failed to pay taxes.
Based upon the report of the Inquirer Net, the Bureau of Customs was said to be running after the San Jose Builders Inc. for their failure to pay the rightful taxes on th importation of the materials used for the building of the said building.
As mentioned in the report, a smuggling complaint was passed to the Office of the Solicitor General from the BOC on Tuesday.
Nicanor E. Faeldon, the Custom Commissioner has stated n a report that the tax to be pad by the builders had already reached 1 billion pesos. It is for the importation of the construction materials where it cited the tax-free perk of the Republic Act No. 9593 or also known as the Tourism Act of 2009.
Section 86 of the law, as being subject to rules and regulations, states that an enterprise that is registered will be able to have a 100 percent tax exemption and duties in the custom s on imports of the capital materials.
However, Faeldon claimed that their exemption from the tax was “neither approved by the Department of Finance nor the Bureau of Internal Revenue but they still pushed through with their importation.”
The Customs Commissioner even added that the San Jose had only used surety bond that is irregular. They have even wrote the builders for five times the moment the bond reached its expiration and is going to be forfeited.
According to the report, the BOC has sated that the amount of the posted bonds is P947,292,025.72 issued by Centennial Guarantee Assurance Corp. (CGAC), Intra Strata Assurance Corp. (Isac) and Philippine Fire and Marine Insurance Corp. (PFMIC)
And the three stated companies is involve in the transmitted complaint.
Demand letter were also sent to the three companies by the district collector of the Port of Manila. After several demands, the POM suggested the three companies to forfeit the bonds.