The total losses in the value of Megaworld shares held by the government’s pension funds reached P37 million following the Bureau of Internal Revenue’s (BIR) fiasco with the real estate firm.
“Collectively, the public shareholders of MEG lost about P111 million in value from May 17 to 23,” Carlos Dominguez, Department of Finance (DOF) secretary, told reporters via Viber yesterday.
“Of which, GSIS (Government Service Insurance System) and SSS (Social Security System) lost P37 million,” he added.
The BIR last week released a media advisory it will then issue a closure order against the listed firm. Megaworld then immediately responded to the issue after news reports of the BIR’s plan broke out, saying the matter has been clarified and resolved.
The BIR then issued another advisory the issuance of the closure order will not push through.
Days after, the DOF said the BIR, upon its orders, has suspended revenue special orders (RSOs) and operations memoranda creating special audit task forces to prevent duplication of functions of BIR offices and avoid confusion among taxpayers.
During the House committee on ways and means’ recent briefing on the BIR’s verification of taxes on one-time transactions covering the sale or transfer of properties by Megaworld, Dakila Elteen Napao, DOF assistant secretary, said the agency’s large taxpayers service will continue the regular audit of real estate firms.
Napao said it appears the conduct of audit through the various RSOs have created confusion, as reflected in the issue with Megaworld. – Angela Celis
