The Bureau of Internal Revenue’s (BIR) P133.84-million tax evasion case against Rappler Holdings Corp. (RHC) is on shaky ground, according to a securities law expert, who also acts as the legal counsel for the online news provider. “The basis for the tax evasion case appears to be that RHC is a dealer in securities. RHC is a holdings company, not a dealer in securities,” said Francis Lim, comanaging partner and senior partner at Angara Abello Concepcion Regala and Cruz Law Firm. “I have taught and practiced securities regulation for many years. ADVERTISEMENTThe Securities Regulation Code defines a securities “dealer” as any person who buys and sells securities for his/her own account in the ordinary course of business.

Source: Philippine Daily Inquirer March 09, 2018 22:52 UTC