Customs wins P110M tax case vs Malayan insurance unit
The Bureau of Customs has found its own Mighty Corp., although at a smaller price tag.
The Customs Sub-port of Iligan recently won a case versus surety firm First Nationwide Assurance Company (FNAC) for not paying import duties and taxes from years ago.
In a statement, the bureau said FNAC, a non-life insurance firm under the Malayan Group, has been made to settle P110 million in taxes and duties.
This may not match the P25-billion settlement offered by cigarette firm Mighty Corporation after the Bureau of Internal Revenue discovered their fake tax stamps, but it’s a start.
“We ran after the surety company, First Nationwide Assurance Company, for the payment of duties and taxes. With the sheer dedication and hard work of the bureau employees, the case was settled in favor of the government,” Customs Commissioner Isidro Lapeña said.
“This amount is significant but not as significant that has been set by the employee of the bureau that can be an example to all,” he added, as he cited efforts made by Customs Collector John Simon of the Port of Iligan and former CDO District Collector lawyer Ruby Alameda.