Why Forbes richest Filipinos not top taxpayers?

 


Shopping mall tycoon Henry Sy and his family are still the richest Filipinos, according to Forbes magazine's 2014 global billionaires' list.

Although the Sy family's net worth dropped to $11.4 billion in Forbes' 2014 list from $13.2 billion last year, they remained in the top 100 billionaires list in the world.

The other Filipino billionaires who made it into the 2014 Forbes are:

No. 227 Lucio Tan and family - $6.1 B
No. 319 Andrew Tan - $4.7 B
No. 354 Enrique Razon, Jr. - $4.2 B
No. 388 John Gokongwei, Jr. - $3.9 B
No. 483 David Consunji - $3.3 B
No. 764 George Ty and family - $2.3 B
No. 1046 Tony Tan Caktiong and family - $1.7 B
No. 1154 Robert Coyiuto, Jr. - $1.5 B
No. 1565 Andrew Gotianun - $1 B

However, the richest Filipinos in the country are not the top individual taxpayers according to the recent report of the Bureau of Internal Revenue (BIR).


Should suspicions be aroused by this discrepancy?

The Forbes and BIR lists measure different sources of wealth, income versus assets.

BIR based its list on who paid the highest income tax, while Forbes looked mostly at their registered assets that include shares of stocks, other investments and, when available, proof of income.

In accounting, asset is defined as a resource with economic value that an individual owns or controls with the expectation that it will provide future benefit. Assets are bought to increase the value of a firm or benefit the firm's operations.

In taxation, income means money that an individual receives in exchange for providing a good or service or through investing capital. Income is consumed to fuel day-to-day expenditures. Most individuals gain income through earning wages by working and making investments into financial assets like stocks, bonds and real estate. Most people spend this money on necessities like housing, food and transportation and on discretionary items like restaurant meals, vacations and cable television.

The real question: Are these richest Filipinos truthful and honest in their income tax returns? Will there be a 'hocus pocus' on April 15's return filing?

RICHEST FILIPINOS KEY BUSINESSESRANK ON 2014 FORBES LISTTOP INDIVIDUAL TAXPAYERSRANK ON 2012 BIR LISTTOTAL Regular INCOME TAXES PAID
HENRY SY & familyHolding firm SM Investments Corp; real estate and retail behemoth SM Prime
Banking units Banco de Oro (biggest bank in Philippines) and Chinabank
Belle Corp
97Henry Sy, Jr.
Mr. Henry Sy, Sr.
Hans Sy
Harley Sy
Herbert Sy
Elizabeth Sy
Teresita Sy
Mrs. Felicidad Sy
73
74
104
157
159
236
262
263
93,756,579
LUCIO TAN & familyLT Group
Philip Morris Fortune Tobacco
Asia Brewery
Philippine Airlines
227Lucio Tan
Harry Tan Jr
138
477
17,956,874.38
ANDREW TANAlliance Global
Megaworld
Local franchise of McDonalds
319Andrew Tan1239,605,000.00v
ENRIQUE RAZON JRInternational Container Terminal Services (ICTSI)
Bloomberry Resorts
354Enrique Razon Jr5219,029,900.80
JOHN GOKONGWEI JR & familyJG Summit Holdings
Cebu Pacific
Universal Robina
Robinsons Malls
Summit Media
388Lance Gokongwei
John Gokongwei Jr
255
260
16,817,628.87
DAVID CONSUNJI & familyConstruction and power conglomerate DMCI Holdings
Maynilad Water Services
Coal mining firm Semirara
483Victor Consunji
Isidro Consunji
299
384
14,279,281.13
GEORGE TY & familyGT Capital Holdings
Global Business Power
Metrobak
Philipine AXA Life Insurance
Federal Land Inc.
Toyota Motor
764Arthur Ty
George Ty
Alfred Ty
Mary Ty
77
224
388
436
38,022,264,73
TONY TAN CAKTIONG & familyFood giant Jollibee1046Tony Tan Caktiong2478,664,566.59
ROBERTO COYIUTO JRPower transmission firm National Grid
Insurance firms Prudential Guarantee and First Guarantee Assurance
1154Roberto Coyiuto3427,101,286.87
ANDREW GOTIANUN & familyProperty developer FilInvest 1565NOT IN LISTn/an/a

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