BIR approves tax settlement with Sonny Dominguez firm after 10 years
It took a decade and Sonny Dominguez’s appointment as Finance Secretary for his family’s property arm to finally reach a compromise tax agreement with the Bureau of Internal Revenue.
In a report to the Philippine Stock Exchange, PTFC Redevelopment (formerly Philippine Tobacco Flue Curing Corp.) said it ?settled? all its tax obligations with the Large Taxpayers Division of the BIR in the amount of P4.405 million.
The compromise deal was reached last August or a little over year sine Dominguez was appointed by his boyhood buddy, President Rodrigo Duterte.
The tax dispute started in 2005 when PTFC was assessed a tax deficiency of P10.842 million by the BIR. PTFC offered to settle its tax dues for P4.34 million in 2010 but the BIR turned this down.
In 2014, the Court of Tax Appeals upheld the BIR ruling that PTFC did not pay its taxes but at a lower assessment of P2.107 million from the original P6 million. PTFC raised the case to the Supreme Court last year. PTFC said it would seek the dismissal of the case following the compromised deal.
PTFC?s assets include a one hectare property in Candon, Ilocos Sur; a 10-hectare warehouse complex along Quirino Highway in Baesa, Quezon City; and a 2.4-hectare land in Balintawak, Quezon City.