The Bureau of Internal Revenue (BIR) has filed a tax evasion case against members of one of the families who used to own Philippine Bank of Communications (PBCom) for their alleged failure to pay more than P40 million in estate tax to the government. 8424, or the National Internal Revenue Code of 1997, for their alleged “willful attempt to evade or defeat tax” payment. In its complaint, the BIR said the family did not pay any estate tax for the assets they inherited from Sy, who passed away on Dec. 19, 2007. According to the BIR, the family should have paid the government a total of P40.5 million in inheritance tax, including surcharges and interest. ADVERTISEMENTThis prompted the BIR to conduct an investigation into what had happened to Sy’s stocks in PBCom.

Source: Philippine Daily Inquirer December 26, 2017 23:09 UTC