Source: ABS-CBN News
MANILA, Philippines- Lawyer Vicky Aveña questioned Thursday Cristina Corona’s purchase of an P11 million property in La Vista subdivision after failing to file her yearly income tax return.
“On its face, there is no explanation as to where she got the money to buy because if that money was hers, the question is why did she not report it for purposes of taxation? On the other hand, if it wasn’t hers, she was acting as a dummy,” she said.
Aveña said the La Vista property was supposed to have been purchased by Mrs. Corona. However, Chief Justice Renato Corona also reported in his statement of assets, liabilities and net worth that he got an P11 million loan from his wife’s family corporation, Basa-Guidote Enterprises, Inc.
“Is it being implied that the Chief Justice borrowed from the wife’s corporation in order to lend it to the wife to buy the property? Is that the implication here?” she asked.
The lawyer said a report by journalist Raissa Robles showed that the Securities and Exchange Commission had already revoked the charter of Basa-Guidote Enterprises in 2003. The report said the corporation had “ceased to operate legally by 2007″ but that the Chief Justice had continued to make payments to the company until 2009.
Aveña said that after the revocation of a corporation’s charter, you only have 3 years in which to wind up affairs meaning liquidate assets, collect from creditors and distribute assets to stockholders.
“The question is – how could they have taken out a loan in 2003 from a corporation if the charter has been revoked?” she asked.
http://www.abs-cbnnews.com/video/nation/01/26/12/did-corona-use-wife-dummy-buy-p11m-property
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RELATED STORY:
Corona’s daughter faces tax evasion probe
ABS-CBNnews.com
MANILA, Philippines – The daughter of Chief Justice Renato Corona is facing possible tax evasion charges for buying an P18-million property from her parents in 2010 despite having only P8,000 in taxable income in 2009.
Bureau of Internal Revenue (BIR) Commissioner Kim Henares said Carla Corona Castillo allegedly paid P18 million to her parents for an P11 million property in La Vista Subdivision in Quezon City in October 2010.
However, Castillo’s income tax return for 2009 showed she only declared P8,476.00 in taxable income for the year. The ITR also showed Castillo declared her business had gross sales of P97,460.00.
“The daughter does not have enough..has very minimal income and therefore is not capable of buying the property,” the BIR chief said.
Asked why the BIR is investigating the buyer in the transaction, Henares said: “If the buyer does not have capacity or the land being purchased is P18 million but her income is P11,000, then there is a reason to investigate it because it means either the sale is not a sale but a donation. That’s a 20% tax rate.”
She said the BIR has several choices: to assess donors’ tax against the donor or to assess undeclared income against the buyer who does not have enough income and/or to file a tax evasion case.
“We are in the process of doing that. The transaction was in 2010 but we came to know about this last Friday when we were asked to get the certificates authorizing registration (CAR) and the ITRs of the parties,” she said.
She said that when BIR determines the issuance of the CAR, it is only to determine if the capital gains tax and the documentary stamp tax have been paid.
“We do not look into the capacity of the buyer at that point,” she said.
She said Carla Corona Castillo only filed ITRs in 2008 and 2009.
Prosecutors are trying to prove that the Chief Justice has assets that were not included in his statements of assets, liabilities and net worth.
http://www.abs-cbnnews.com/nation/01/26/12/coronas-daughter-faces-tax-evasion-probe
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