Andrew Tan’s nightmare has just begun: BIR says tax probe on Megaworld’s Taguig property sale, transfer now ‘ongoing’

The Bureau of Internal Revenue (BIR) has not yet closed the book on its aborted plan to issue a closure order on Megaworld (MEG) owned by ultra bilyonaryo Andrew Tan.
BIR regional director Eduardo Pagulayan Jr. said his division has now started its investigation into MEG’s alleged tax deficiencies, specifically the taxes due on One-Time Transactions (ONETT) covering the sale or transfer of properties in Taguig by MEG.
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“At first instance, Megaworld refused to comply with the BIR audit. The BIR Regional office, however found, that the said corporation failed in its compliance and reportorial requirements under the Tax Code. Failure to comply with the said requirements is a ground for closure,” Pagulayan said.
On May 17, Tuesday, BIR shocked the stock market when it announced a press conference scheduled the next day to announce the closure of MEG with no details of the tax case.
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On May 18, MEG declared that the matter had been “clarified” after an “initial disagreement” with Pagulayan’s jurisdiction to tax the said Taguig properties.
Pagulayan clarified: “Last Wednesday, it was resolved that Megaworld will now comply with the audit. Hence, closure was set aside. Now,
Investigation is ongoing,” Pagulayan said.
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Pagulayan said its audit on MEG’s Taguig properties were endorsed through a Revenue Special Order signed by BIR Commissioner Caesar Dulay.
“Although Megaworld is considered a large taxpayer under jurisdiction of the Large Taxpayers Service, BIR National Office, ONETT falls under the jurisdiction of the BIR Regional Office since the situs of taxation of sale, transfer, and other disposition of real properties is where the property is located, ” Pagulayan said.

https://bilyonaryo.com/2022/05/20/andrew-tans-nightmare-has-just-begun-bir-says-tax-probe-on-megaworlds-taguig-property-sale-transfer-now-ongoing1/