The Bureau of Internal Revenue (BIR) revealed that two other real estate companies are also facing special audits for alleged tax leakages just like Megaworld of ultra bilyonaryo Andrew Tan.
READ: Mega showdown set: Andrew Tan to face off with BIR officials in House hearing
In a House ways and means committee hearing on May 23, BIR regional director Eduardo Pagulayan Jr. said there were two other companies tied with the Bases Conversion Development Authority (BCDA) that were given Letters of Authority (LOA) for audit by the BIR.
READ: All these are non-issues to me! Andrew Tan fumes as he tells Congress BIR’s closure order is out of line
Unfortunately, PBA party-list Jericho “Koko” Nograles quickly shut down Pagulayan from baring more in a hearing which ironically was hastily called for transparency.
READ: Andrew Tan’s nightmare has just begun: BIR says tax probe on Megaworld’s Taguig property sale, transfer now ‘ongoing’
“One publicly-listed company taking the heat is already enough, sorry Megaworld, we don’t want to add any more disruptions for this,” said Nograles.
READ: Andrew Tan buys back over P50M Megaworld shares due to heavy foreign selling sparked by aborted BIR closure order
“For the other real estate developers that have not been named, lucky for you you have not been named in thi committee hearing, the other real estate developers should be forewarned to just cooperate especially if you’re publicly listed… opening your books should never be an issue,” Nograles added.
READ: BIR suspends issuance of closure order after Megaworld expresses full cooperation
Multiple sources, however, claimed that the two other firms that received LOAs from the BIR were Ayala Land Inc. chaired by bilyonaryo Fernando Zobel de Ayala and Federal Land led by bilyonaryo Alfred Ty.
READ: Andrew Tan’s Megaworld faces closure order
Both have projects in Bonifacio Global City with the BCDA.
The BIR issued LOAs to Megaworld last month, demanding the property firm to open its books on the sales of five condo projects sold from 2014 to 2021.
Megaworld resisted the special audit citing “jurisdictional overlap” noting that it was under the BIR’s large taxpayers unit.
Last week, BIR alerted the media to a press conference announcing the closure of Megaworld.
BIR and Nograles claimed the announcement was a leak despite evidence showing that it was deliberately sent with Pagulayan’s signature to media outlets. This is in contrast to BIR’s policy of announcing the closure of a company only after the fact and and not prior to shutdown.
