Maria Ressa posts bail
RAPPLER Chief Executive Officer Maria Ressa on Tuesday posted bail totaling P204,000 before the Court of Tax Appeals even if the court has yet to order her arrest for tax evasion cases.
The Department of Justice
( DoJ) filed cases before the tax court against Rappler Holdings Corp., owner of the Rappler Inc. news outfit, and Ressa last month.
According to the tax court’s website, a case was filed on November 26 for alleged violation of Section 255 of the National Internal Revenue Code ( NIRC) of 1997, as amended.
Two other cases were filed on November 28 also for alleged violation of Section 255 of NIRC of 1997, as amended.
Also on November 28, a case was filed against Rappler Holdings and Ressa for alleged violation of Section 254 of the NIRC of 1997, as amended.
In a resolution dated October 20, which stemmed from a complaint filed by the Bureau of Internal Revenue, state prosecutors found basis to file cases against Rappler Holdings and Ressa.
“It is undisputed that respondent ( Rappler Holdings) purchased RI ( Rappler Inc.) common shares at P1.00 per share and used them as underlying security for the PDRs ( Philippine Depositary Receipts) that it sold at a mark- up price,” state prosecutors said in part in the resolution.
“Verily, the foregoing PDR transactions triggered taxable events. For failing to recognize the profit it derived totaling P162,412,783.67, which represents the difference between the aggregate book value of the underlying stocks ( P19,245,975.00) and the total consideration paid for the PDRs ( P181,658,758.67), respondent ( Rappler Holdings) resultantly committed substantial underdeclaration in the pertinent tax returns, tantamount to ‘ Willful Attempt to Evade and Defeat Tax’ and ‘ Willful Failure to Supply Correct and Accurate Information’...”
State prosecutors recommended the filing of five complaints for four counts of alleged “Willful Failure to Supply Correct and Accurate Information in Tax Returns” under Section 255 of the Tax Code, as amended, “relative to the income tax return and three ( 3) value- added tax returns ( 2nd, 3rd and 4th quarters) for tax year 2015; and for one count of alleged “Willful Attempt to Evade and Defeat Tax” under Sec. 254 of the Tax Code, as amended, against Rappler Holdings and Ressa.
Section 254 of the NIRC punishes “Attempt to Evade or Defeat Tax” with a fine not less than P30,000 but not over P100,000 with imprisonment of not less than two years but not over four years.
Section 255 punishes “Failure to File Return, Supply Correct and Accurate Information, Pay Tax Withhold and Remit Tax and Refund Excess Taxes Withheld as Compensation” with a fine of not less than P10,000 and imprisonment of not less than a year but not over 10 years.