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Nov 24, 2016 @ 3:54

SM group sued by Cebu govt


SM Prime Holdings Inc. of the Sy family, Is under fire from the Cebu government for allegedly misdeclaring the size of SM Seaside City to lower the amount of taxes. said Cebu mayor Tomas Osmena filed fraud charges against the SM group which failed to include the basement and roof deck in documents submitted to the city government.

Based on the charge sheet, the SM group only paid P14 million in real property taxes when in fact it should have paid P37.6 million. This has resulted in an underdeclaration of about 168 percent.

SM Seaside City is the Sy family’s third mall in Cebu and tagged as the biggest mall in the Visayas-Mindanao area.

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