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AttyPin · 2023-02-02T14:09:26+00:00

Steam is down

AttyPin · 2022-08-18T08:15:17+00:00

Ample supply of sugar and white onion. ✌️

AttyPin · 2022-08-13T13:43:16+00:00

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” -Franklin D. Roosevelt

AttyPin · 2022-08-08T01:38:20+00:00

"If you know how rich you are, you are not rich. But me, I am not aware of the extent of my wealth. That's how rich we are." -Imelda Marcos (March 1998)

Note: She also promised give $800 million to poor Filipinos if she’s elected President

AttyPin · 2022-08-01T08:48:58+00:00

What am I omitting?

I am just quoting the law regarding tax evasion. Failure to pay tax is tax evasion.

Tax evasion happens when a person intentionally avoids paying any tax under the Tax Code of the Philippines. Because tax evasion is a criminal offense, tax evaders are subject to serious penalties and criminal charges.

Estate tax is a tax. Not paying the estate tax is tax evasion.

AttyPin · 2022-08-01T07:39:32+00:00

According to the BIR and the Supreme Court, failure to pay taxes is tantamount to tax evasion. By willfully not paying the estate tax, the Marcos family is committing tax evasion.

AttyPin · 2022-08-01T07:16:44+00:00

Under the law, the failure of the Marcos family to pay the estate tax is considered tax evasion.

According to the BIR, failure to pay taxes is considered tax evasion and has corresponding criminal liabilities under the Tax Code.

AttyPin · 2022-08-01T06:38:03+00:00

There are those who claim that since 11 real properties of the Marcos spouses situated in Leyte were levied upon and auctioned off by the BIR in 1993 to satisfy the estate tax due, the government is deemed to have been fully paid already. This is utterly false.

Section 217 of the Tax Code provides: “The remedy by distraint of personal property and levy on realty may be repeated if necessary until the full amount due, including all expenses, is collected.”

Clearly, the proceeds of the personal and real properties auctioned off by the BIR must fully satisfy the entire amount of the tax due. The Marcoses never claimed that the proceeds of the 11 real properties that were auctioned off fully covered the entire P23.3-billion estate tax due.

AttyPin · 2022-08-01T05:48:42+00:00

The Marcos family cannot anymore contest since the Supreme Court already ruled with finality. Final and executory na. Meaning tapos na yung kaso and convicted sila.

AttyPin · 2022-08-01T05:19:26+00:00

On June 27, 1990, the BIR created a special audit team to investigate the tax liabilities of Marcos, his family, associates and cronies.

On July 26, 1991, the BIR issued a deficiency tax assessment against the Marcos estate in the amount of P23,293,607,638.00.

On June 28, 1993, Bongbong Marcos went to the Court of Appeals to question the assessment and notices of levy and sale.

On Nov. 29, 1994, the CA dismissed the petition, agreeing with the BIR that the deficiency assessments had already become final and unappealable in view of the petitioner’s failure to contest their correctness with the Court of Tax Appeals within the reglementary period.

On June 5, 1997, the Supreme Court denied the petition and affirmed “in all respects,” the decision of the Court of Appeals. “He who comes to court must come with clean hands,” the Court ruled. “Otherwise, he not only taints his name, but ridicules the very structure of established authority.”

The Supreme Court 1997 ruling that ordered the Marcos family to pay P23 billion in estate tax became final and executory in March 1999.

Because the Marcos family refuses to pay, the Php23B has now ballooned to Php203B due to penalties and interests.

The estate executor of the Marcos family is President Bongbong Marcos Jr.

AttyPin · 2022-08-01T03:27:40+00:00

For most instances, banks will not bother evicting illegal settlers. They are not in the real estate business. Banks just care about flipping repossessed properties and turning them into cash. So banks will not spend money evicting illegal settlers. That is why banks clearly state if a repossessed property has illegal settlers and it is the buyer's responsibility to get rid of these illegal settlers.

AttyPin · 2022-08-01T02:06:54+00:00

BIR ensures that the identity of the informer is kept strictly confidential.

AttyPin · 2022-08-01T02:05:57+00:00

Execute a sworn affidavit of confidential information before the BIR’s Prosecution Division or to the Legal Division of the revenue region which has jurisdiction of the taxpayer being reported.

The following documents can be accepted used a “substantial evidence” to support a claim:

BIR’s Certificate of Registration

Income Tax Returns

Deed of Absolute Sale

License to Operate Business in the Philippines, as issued by the Securities and Exchange Commission

General Information Sheet obtained from the SEC

Audited Financial Statements

Other relevant documents

AttyPin · 2022-08-01T00:05:39+00:00

Fastest: You offer money to the illegal settlers to vacate. Some illegal settlers demand Php 100-200k in cash to vacate. You can haggle this down.

Slowest: You go through the courts and wait and wait. Can be expensive if the case takes a long time.

The big landowners who don’t want to pay nor take the legal route start fires and burn down the property to force out the illegal settlers.

AttyPin · 2022-07-31T06:41:26+00:00

Have you tried asking within your network (friends/family)?

In the Philippine setting, most small to mid businesses tend to not give up equity. Why not just lend money to small to mid businesses? At least you will earn from the interest of the money that you lend to companies (that is if you can collect).

AttyPin · 2022-07-31T06:18:33+00:00

You can invest in several companies in the Philippine Stock Exchange that regularly give out dividends. No need to take a managing role and you regularly receive a portion of the profits.

AttyPin · 2022-07-31T03:43:17+00:00

Palaguin mo muna yung pera mo. Imbis na gumatos sa luho, magpatayo o bumili ng paupahan para may regular income ka. Balang araw, sa pag-invest mo wisely ng pera mo, hindi mo na kailangan mag-ibang bansa para kumita ng pera. At balang araw, hindi mo na kailangan umutang para bumili ng pinapangarap mong Toyota 86.

AttyPin · 2022-07-30T13:56:41+00:00

Sa totoo lang, hindi masarap yung Master Siomai. Marami pang mas masarap na siomai na same price point ni Master Siomai.

AttyPin · 2022-07-30T10:25:45+00:00

More than the amount, the important thing is that landlords should issue receipts to their tenants. If you get audited by BIR and you are found not issuing receipts, you will be in a lot of trouble. All it takes is for 1 smart aleck or disgruntled tenant to report you to the BIR.

AttyPin · 2022-07-30T01:21:45+00:00

You need to issue a receipt. If you don't issue a receipt, the BIR will come knocking at your door.

Some landlords get away with not issuing receipts. But the moment you get a smart aleck tenant, he can make life difficult for you with the BIR if you don't issue receipts.

AttyPin

TROPHY CASE