On Tuesday, May 17, the Bureau of Internal Revenue (BIR) issued a media advisory for the closure of Megaworld. Though the tax offense was not mentioned in the advisory, Megaworld quickly addressed the issue and communicated with the BIR regarding the issue.
After Megaworld’s statement was released, BIR issued an advisory, stating that the previous closure order “is being held in abeyance until further notice.”
Records with the BIR will confirm that Megaworld has no outstanding or unpaid past tax liabilities needing any enforcement action. It is being regularly audited by the LargeTaxpayers Service of the BIR Head Office, and all its tax returns up to taxable year 2020 have been examined, and all previous deficiency assessments have already been paid for by the company and duly cleared by the BIR Head Office.
Megaworld has not received any closure order duly approved by the Commissioner of Internal Revenue.
There was an initial disagreement with the BI Regional Office 8-B after we raised some issues with regard to their jurisdiction on conducting tax audit of some of our properties, but the matterhas been clarified and resolved yesterday.
For pending tax audits, the company continues to maintain its stance of full cooperation with the tax authorities in accordance with their mandate to collect badly needed revenues for the Government. ###
Megaworld Corporation is a real-estate company that owns and operates residential, commercial, leisure, and educational properties in the Philippines.