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Heirs face tax raps over inheritance.

By Jeffrey Damicog

The family of a late major stockholder of a local bank face a criminal complaint before the Department of Justice (DOJ) for having evaded over P40 million in taxes they were supposed to pay a decade ago for the inheritance they received.

The Bureau of Internal Revenue (BIR) filed the complaint against the heirs of Vivian Nubla Sy who had been one of the top 100 shareholders of the Philippine Bank of Communication (PBCom) when she was still alive.

"For their failure to file the requisite Estate Tax Return, the Heirs of Ms. Vivian avoided the payment of the Estate Tax in the amount of PhP40,527,102.40, inclusive of surcharge and interest," the BIR said.

Those who have been named as respondents are her husband Edward Sy and their four children - Stephanie Ellen, Mark Jonathan, Karla Angela, and Tracey.

They have been accused of willful attempt to evade or defeat tax for taxable year 2007 and failure to file estate tax return and pay estate tax due for the same taxable year in violation of Sections 254 and 255 of the National Internal Revenue Code of 1997.

The BIR noted when Vivian died on December 19, 2007, she left behind properties which included 954,976 shares at PBCom valued at P52,523,680 and a condominium unit at the Twin Towers Ayala Avenue, Makati City worth P24 million.

Despite this, the BIR discovered in its investigation "that there was no Estate Tax Return filed by the Heirs of Vivian for taxable year 2007."

"Under the Tax Code, upon the death of Ms. Vivian, the executor/administrator of her estate or any of her legal heir/s is required to file with the BIR a Notice of Her Death and an Estate Tax Return and to pay the corresponding tax due thereon," it explained.

The BIR conducted the investigation after it received a disclosure letter from PBCom in April 2012 which indicated that Vivian is no longer included in the list of its top 100 common stockholders and she no longer owns stocks in the bank.

Prior to this, the PBCom submitted a disclosure letter in October 2011 where Vivian is still listed in the top 100 common stockholder.

Since the bank's stocks are listed with the Philippine Stock Exchange, PBCom is required to submit the top 100 stockholders as prepared by its stock transfer agent.

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BIR (Manila Bulletin File Photo)

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Title Annotation:National
Publication:Manila Bulletin
Date:Dec 26, 2017
Words:407
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