Tuesday, June 21, 2016 0
According to BIR-RR16 regional director Glen Geraldino, the store has been using an unregistered point-of-sale (POS) machine, which violates Section 9 of Revenue Regulation 11-2004, as it failed to issue registered official receipts by a value-added tax (VAT) “registerable taxpayer” per BIR regulations.
The establishment has an "underdeclaration of annual sales by P2.624 million or 100 percent for taxable year 2015, which is more 30 percent threshold specified under section 248 of the [National Internal Revenue Code] to be considered as fraudulent.”
The Branch could be opened again if the company will pay alost P600,000 in taxes.
Isidoro Lubguban Jr., the firm’s business control team leader, has acknowledged they violated some rules, but “as the company is good corporate citizen, after this [closure] we will rectify.”
Lubguban said they will settle their obligation to the BIR within the week, “probably on Thursday.”
“We are willing to pay any penalty,” he told reporters in an interview prior to the store’s closure on Tuesday afternoon.
Per information released to the media, BIR identified the owner of the store as OC Pelaez Corporation, but Lubguban said the company goes under the name Slers Industries, Incorporated, as its registered business name.