Why Kris is top taxpayer

Posted on 4/19/13 2:58 P

Revenue Deputy Commissioner for Operations Nelson M. Aspe came out with the explanation in answer to questions on why Kris whose income came solely from hosting television shows and endorsing products paid more income tax in 2011 than multi-millionaires and billionaires.

Aquino paid a total of P49.8 million income tax for 2011, much higher than the payment remitted by known business empire builders like Henry Sy, Manny Pangilinan, Lucio Tan, John Gokongwei and Eduardo Cojuangco Jr.

READ: BIR names top celebrity taxpayers


Aspe said earnings of rich individuals from various sources are no longer reported in their income tax returns (ITRs) because they are subject to final withholding taxes on dividends, sale of share of stocks, sale of real properties as well as interest on bank deposits.

Other revenue officials said taxes on the many perks and expenses received by business executives like hiring of bodyguards, transportation, travel and even cooks are shouldered by their companies.

Interest income from bank deposits and other earnings subject to final tax were supposed to be reported by well-to-do taxpayers in the ITR under the so-called "Annual Information Return (AIR) portion of the ITR.

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