Filtered By: Money
Money
Published August 20, 2026 10:55pm
+
Add GMA on GoogleMake this your preferred
The Bureau of Internal Revenue (BIR) has filed a P2.2 billion tax evasion complaint against Hongsheng Gaming Technology, Inc., before the Department of Justice.
“The BIR investigation covered taxable years 2021 to 2023 and found that Hongsheng had substantially underdeclared its income, failed to declare the correct VAT (value-added tax) liabilities for several taxable quarters, and failed to withhold and remit the required final withholding tax for its foreign employees,: the agency said in a Facebook post.
The BIR said that it found discrepancies between Hongsheng’s declared revenues and the information in official records, which led to a deficiency in income tax, VAT, and final withholding tax, which totaled P2,227,759,311.21.
“Honest taxpayers deserve a level playing field. No business should be able to operate in the Philippines, earn income here, and evade the taxes required by law. The BIR will pursue these cases wherever the evidence leads us,” BIR Commissioner Mendoza said.
The BIR had filed the case as part of its Run After Tax Evaders Program, which aimed to strengthen enforcement against tax evasion. –NB, GMA News
