BIR slaps P48M tax evasion case vs Torres

By Florence F. Hibionada

Businessman and ‘three-termer congressionable' Jaime Torres of Tigbauan, Iloilo was charged with over P48 million in tax evasion case by the Bureau of Internal Revenue (BIR).

Jaime Torres

An offshoot of the relentless drive of the bureau under its Operation Run-After-Tax-Evader (RATE) program, the charge may just be the start of said Ilonggo businessman's tax woes.  This, after BIR insiders told The News Today, thorough check is currently being made to validate tax records of Torres with the over P48M unpaid revenues covering 2000 to 2001 year alone.  Further investigation is made by a team of BIR officials on the period covering 2002 to present. 

National news sources broke the story late yesterday morning (Thursday) with confirmation made by BIR Assistant Commissioner Gerardo Flores (not Iloilo mayor and known Torres associate). 

In a report, Bombo Radyo Manila news bureau disclosed BIR findings that justified the multi-million tax evasion suit courtesy of Torres' unreported income on a rental agreement of a family property. 

Information stated that some P20 million in rent was charged to the Torres Educational Foundation Incorporated back in 2000 and was considered by said businessman as supposed to be free of tax liability. 

This, given his argument that the foundation while not only existing for charitable works was actually owned by him alongside the property to which it was renting.   

Not quite so, the BIR retorted while saying that exemptions are only true to those granted by the bureau with corresponding certificates and go-signals with government requirements regularly complied.  As such, proceeds from the lease are to be considered as personal income thus taxable both as income tax and value-added tax. 

The beleaguered businessman owns St. James College in Quezon City and was also the founder of St. James Pre-School and St. James child center back in 1987. 

His entry to politics was marked by successive defeats in the congressional fight lodged against the longtime political clout of the Garins in Iloilo's First District.  His most recent unsuccessful bid was against a Garin in-law, Representative Janette Loreto-Garin, wife of Guimbal Mayor Richard Garin. 

The Torres tax evasion case came after the multi-million suit earlier lodged by the bureau against Villa Crista Monte Realty and Development Incorporated.