MANILA, Philippines – A total of 39 corporations listed among the Securities and Exchange Commission’s (SEC) top 100 companies based on gross revenues did not make it to the Bureau of Internal Revenue’s (BIR) top 500 taxpayers list.
In its latest Tax Watch ad, the BIR said one corporation, Malayan Integrated Industries Corp., did not file its 2012 income tax returns.
Malayan ranked fifth in SEC’s top 100 corporations in terms of gross revenues.
The Philippine American Life and General Insurance Company, a top 43 SEC corporation, did not pay income taxes in 2012.
Aboitiz Renewables Inc., which ranked 93rd in SEC's top 100, paid the least taxes without any exemption and special rate at P181,544.34.
SM Development Corp. (SMDC), on the other hand, declared the highest income tax due of P42 million out of the 39 corporations not making the BIR’s top 500 taxpayers list.
SMDC ranked 66th in SEC’s top 100 corporations.
Several top corporations, including the National Grid Corporation of the Philippines (NGCP), did not pay taxes in 2012 due to exemptions from income tax dues or special rates.
The NGCP also clarified that while it is exempt from income tax payments as provided by the law, it dutifully pays its franchise taxes to the government.
Other corporations that did not pay taxes in 2012 were Amkor Technology, Nanox Philippines and Rohm Electronics.
But the BIR said these corporations are registered with the Philippine Economic Zone Authority (PEZA), which means they may also have income tax holidays and/or income tax dues that are computed under special rates.
South Premiere Power Corp. and Semirara Mining, meanwhile, netted zero income tax dues because both are registered with the government’s Board of Investments (BOI) and are exempted from income tax dues.
TI Philippines, which ranked 4th in SEC’s top 100 corporations, only paid over P1 million in taxes while 7th ranked Toshiba Information Equipment Philippines only paid P692,593.23 in taxes.
The BIR said these two are also PEZA-registered corporations.