If there’s anyone who can’t run away from the law, it’s those damn speeding buses on Edsa.
The Bureau of Internal Revenue is suing a public utility bus operator and several others for not paying the correct taxes, as part of the government’s renewed drive to curb tax evaders. On top of the list is bus operator Kingsam Express Inc., which the taxman says owes the government PHP33.6 million, reports Interaksyon.
The BIR said the bus company failed to include in their financial statements the acquisition of 25 buses worth PHP49.7 million from 2008-2009. The acquisition runs contrary to the company’s declared revenue in two years, amounting to PHP2.8-million, since the income couldn’t cover the cost of buying a new fleet. The company neither sought additional capital from its stockholders nor incurred debt to finance the transaction.
Kingsam buses ply the Monumento-Muntinlupa route.
Three other companies were slapped with tax evasion cases as well, with the BIR accusing them of skirting taxes worth PHP198-million.
