The country’s biggest tax-collection agency issues revenue special orders invoking Section 5 of the Tax Code, which empowers the BIR chief to conduct audits. This was the same legal basis which regional director Eduardo Pagulayan Jr. of the BIR’s revenue region 8B covering south National Capital Region (NCR) cited for his investigation on Megaworld. (Inquirer)
What’s the legal basis and grounds for closure under Oplan Kandado?
Pursuant to Section 115 of the tax code, the Commissioner of Internal Revenue or his authorized representative is empowered to suspend the business operations and temporarily close the business establishment of any person for any of the following violations:
When the news initially broke, the stock tanked. Over the course of 10 minutes, the stock fell from P2.74 to a low of P2.53/share, an 8% drop, on just absolutely incredible volume. (PhilStar)
That’s why CEOs must be on top of tax issues and strategies to avoid tax audits or closure orders from BIR and mitigate tax exposure risk.
Join the Philippine Tax Whiz and Asian Consulting Group (ACG) Founding Chairman and Chief Tax Advisor Mon Abrea in an exclusive closed-door discussion about the biggest tax cases and how CEOs can avoid harassment and tax evasion cases.
Use the QR code and choose 1 of 2 schedules of the Executive Tax Management Program (ETMP) on May 25 & 30 at the Tax Hub.
For inquiries, please call 0917 627 8805 or email us at consult@acg.ph
