MANILA, Philippines - Businessman and former senator Manuel B. Villar paid P72.2 million in taxes in 2012.
This was contrary to the Bureau of Internal Revenue's (BIR) recent Tax Watch ad, which ranked the Philippines' richest and their tax payments for 2012.
In the Tax Watch ad, the BIR noted how 15 tycoons and businessmen, who were included in Forbes magazine's list of 40 richest Filipinos for 2012, were not top taxpayers for the same year.
The BIR said Villar, whose net worth is estimated at $720 million, was not included in the agency's list of top 500 indvidual taxpayers of 2012.
However, ABS-CBNnews.com obtained a copy of Villar's ITR, which showed he paid P72.29 million in taxes for the sale of stocks of Vista Land and Starmalls, as well as acquisition of land.
Villar also paid P72,950 in income tax in 2012 on his salary of P420,000 at the Senate.
However, Villar's taxes would only land him in second place in the list of top individual taxpayers, which was topped by Mercury Drug chief Vivian Que Azcona. Azcona, who was ranked 20th richest in the Philippines, paid P131.43 million in taxes in 2012.
The country's richest man Henry Sy and his family paid a combined P93.75 million in income taxes in 2012. Sy Sr. ranked 74th in the BIR's list of top taxpayers, paying P16.4 million in taxes. His son Henry Sy, Jr. ranked 73 with P16.46 million in taxes.