Numerous tax related criminal cases were filed by the Bureau of Internal Revenue (BIR) before the Department of Justice and even in courts since the year 2008. BIR’s Run After Tax Evaders includes filing cases against well-known politicians, businessmen, celebrities, and other public figures.
The BIR’s run after tax evaders program demonstrates the Philippine tax authority’s persistent efforts to track down individuals and businesses avoiding their tax obligations. Gone are the days when tax liabilities could be concealed, thanks to computerization and the use of third-party information. You may not be declaring your actual income or expenses, but the BIR’s run after tax evaders initiative ensures that tax authorities can verify financial records through other taxpayers, government data, and the best evidence obtainable. Even one of your clients or customers could be a tax examiner, catching you by surprise.
The best thing to do is to start complying properly. Furthermore, it is recommended that tax planning be considered especially in transactions that may have big tax effect. While tax evasion is illegal and must be penalized, tax avoidance is a legal way in order to minimize tax effects.
If you need an expert to advise and assist you in your tax planning, Triple i Consulting can help you plan properly and strategize your tax related matters in accordance with laws.
