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March 01, 2024

Tax deficient entities made to pay P181.87 million

Various entities and individuals collectively owing the government P181.87 million in deficiency taxes have been prosecuted in court and their properties seized and garnished.

The Bureau of Internal Revenue (BIR) on Friday reported that a Cebu-based furniture maker, Tala Cebu Furniture Manufacturing operating out of Tipolo, Mandaue City, willfully failed to pay P71.12 million in deficiency taxes.

Psalmstre Enterprises with offices at the Jethouse Building along Osmena Boulevard, Cebu City also had tax deficiencies of P28.48 million and similarly haled to court and their owners made to account.

Four corporations and a single proprietorship also failed to pay tax totaling P75.4 million that included the following: Cubit Construction and Development Corp., Filcoco Ventures Inc., Dent Chem Enterprise Co., Syne Philippines Kocosys Corp. and Southern Hardware and Construction Supply.

These entities operate out of Binan, Calamba and Cabuyao in Laguna province as well as out of Gumaca, Quezon.

Seven individuals from Pampanga have also been charged for the unlawful possession, pursuit of business and removal of articles subject to excise tax. They were also charged with possessing counterfeit excise tax stamps when apprehended by revenue officials at their warehouse in Mabalacat.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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