MANILA, Philippines - The Court of Tax Appeals has ordered a businessman to pay the Bureau of Internal Revenue around P8 million in deficiency value added tax and interest.
Wong Yan Tak of Pic N' Pac Mart, Inc. was found "guilty beyond reasonable doubt" of violating Section 255 of the National Internal Revenue Code of 1997, that which pertains to a person's failure to pay taxes.
The tax evader was sentenced to a minimum of one year to a maximum of two years in prison, and a fine of P10,000.
Moreover, Wong Yan Tak was ordered to pay the BIR P3.553 million, which represents the deficiency VAT of his firm in 2002, and a 20% delinquency interest per annum from Sept. 9, 2005 until fully paid.
The BIR said in a statement the original amount of deficiency VAT plus the annual interest may amount to over P8 million.
Pic N' Pac Mart was also ordered by the court to pay P50,000 in fine.
The decision was penned by Associate Justice Lovell R. Bautista and promulgated on Oct. 17.