Manila Bulletin – 12 hours ago
AFP News/Jay Directo - Kris Aquino, sister of Philippine President Benigno Aquino, in Manila on December 11, 2011. The movie star and TV show host was the country's top taxpayer, beating many of its wealthiest
Manila, Philippines --- The Bureau of Internal Revenue (BIR) said yesterday that actress and television host Kris Aquino can easily be dislodged from the top of the country's individual income taxpayers by business tycoons and other captains of industry if the final taxes they remit are lumped with their income tax payments.
Aquino paid a total of P49.8 million income tax for 2011, much higher than the payment remitted by known business empire builders like Henry Sy, Manny Pangilinan, Lucio Tan, John Gokongwei and Eduardo Cojuangco Jr.
Aspe said earnings of rich individuals from various sources are no longer reported in their income tax returns (ITRs) because they are subject to final withholding taxes on dividends, sale of share of stocks, sale of real properties as well as interest on bank deposits.
Other revenue officials said taxes on the many perks and expenses received by business executives like hiring of bodyguards, transportation, travel and even cooks are shouldered by their companies.
Interest income from bank deposits and other earnings subject to final tax were supposed to be reported by well-to-do taxpayers in the ITR under the so-called "Annual Information Return (AIR) portion of the ITR.
But BIR Commissioner Kim S. Jacinto-Henares suspended its implementation until next year after some lawmakers and other sectors protested the additional requirement claiming that such data were already in the hands of the BIR.
Cagayan de Oro Congressman Rufus Rodriguez explained that some earnings are placed by law under the final withholding tax system to maintain their secrecy.
The biggest taxpayers:
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