MANILA, Philippines - The tax bureau has padlocked a clothing firm in Malabon City for alleged tax evasion.
In a statement on Thursday, the Bureau of Internal Revenue said its investigation showed that I-Weave United Corporation understated its sales in 2006 to reduce its income tax and VAT payables.
"Total deficiency tax liability of the corporation for the said taxable year, including increments, amounted to P5,751,067.51," according to the statement. It mentioned that the firm was notified of the BIR's findings but it failed to respond.
I-Weave is the 8th firm closed under the BIR's "Oplan Kandado" program, which was started during the term of former tax commissioner Sixto Esquivias.
Current BIR commissioner Kim Henares has been pushing for the Run Against Tax Evaders (RATE) program, a name-and-shame campaign, to shore up revenue collections amid a widening budget deficit.