President Rodrigo Duterte revealed that the Bureau of Internal Revenue threatened to charge with economic sabotage Bilyonaryo Wong Chung King for cheating the government of P37.9 billion in unpaid excise taxes after being caught red handed using fake tax stamps.
Duterte reckoned the prospect of facing imprisonment without bail for economic sabotage prompted the Mighty owner to agree to a settlement wherein he would sell out his Mighty business to a buyer the designated by the government (Japan Tobacco International) and agreeing to the biggest tax settlement in the country’s history.
“Pag ayun ang i-file ko, no bail ?yan. I would insist, walang bail. Wala bail man ang economic sabotage,” Duterte said in an interview with reporters Monday.
“Yun ang kinakatakutan ni Mighty King. Kasi bilyon ang kanyang? Ito, hindi kita file-an (file) ng kaso ng tax-tax? Putang? File-an kita ng economic sabotage,” he added.
Mighty agreed to sell its business lock, stock and barrel to Japan Tobacco for P45 billion of which P30 billion would be paid to the BIR in the settlement.
