Friday, May 3, 2013

Donna Cruz's husband faces tax evasion raps

MANILA, Philippines - The Bureau of Internal Revenue (BIR) has charged Cebu-based physician Potenciano Larrazabal III, husband of actress-singer Donna Cruz, with tax evasion before the Department of Justice (DOJ) for an alleged tax liability amounting to P21.14 million. The BIR said based on copies of Certificate of Creditable Tax Withheld at Source and Professional Fees Payments Notices (PFPN) provided by the Philippine Health Insurance Corp. (PhilHealth) on income payments made to Larrazabal from 2009-2011, he received income payments from PhilHealth amounting to P10.87 million in 2009, P8.88 million in 2010, and P9.38 million in 2011. "Investigators ascertained that Larrazabal deliberately failed to declare his correct tax base by substantially underdeclaring his taxable income by P9.39 million or 635% in 2009, P7.39 million or 493% in 2010, and P7.63 million or 437% in 2011," the bureau said "Larrazabal's income tax returns (ITR) and percentage tax returns (PTR) filed with the BIR showed he declared a gross income of P1.48 million in 2009, P1.49 million in 2010, and P1.75 million in 2011," the BIR added. Larrazabal also allegedly failed to register as a value-added tax (VAT) taxpayer "when his income of P3.18 million for the 1st quarter of 2009 breached the VAT threshold amount of P1.5 million."

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