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Date Posted: Sat, May 24 2014
Author: Article Source: http://www.gmanetwork.com/news/
Subject: What does the infamous Cendric Lee have anything to do with the town of Tagudin? Hmmm.... I was reading this article and I saw the town of Tagudin being mentioned here.


Cedric Lee cannot pass tax troubles on to accountant – BIR
May 23, 2014 6:43pm

Tags: Bureau of Internal Revenue , Cedric Lee
Businessman Cedric Lee cannot escape criminal liability by simply blaming his accountant for his company's tax liability of P194.47 million, according to the Bureau of Internal Revenue (BIR).

In a joint reply affidavit, the BIR reiterated that there is probable cause to charge Lee, who is chief executive officer and president of Izumo Corp, his wife Judy Gutierrez Lee, chief finance officer, and John King, chief operating officer, for tax evasion and for deliberate failure to supply correct and accurate information on the company's annual income tax returns from 2006 to 2009.

Lee, who is also facing grave coercion and serious illegal detention charges in connection with the January 22 mauling of TV host-actor Vhong Navarro, had earlier said he has no “personal knowledge” on the actual revenues collected per billings made by Susan Nace, the company's chief accountant.

He also denied having "personal knowledge" on the release of disbursement vouchers and official receipts, as well as the receipt of BIR forms from the local governments of San Juan, Pasay, Butuan, Tagudin, Ilocos Sur and Davao del Sur.

But in its joint reply affidavit, the BIR said Cedric Lee "cannot avoid liability by simply throwing her [sic] accountant under the bus and denying participation in the preparation of his tax returns."

"If Cedric Lee is not well versed in the intricacies of accounting and taxation, logic dictates that income actually received by taxpayer should be reported in his returns," said the BIR.

Meanwhile, the BIR said Judy Gutierrez Lee and King should be "estopped" or should not be allowed to deny liability as corporate officers of Izumo for violations of the National Internal Revenue Code.

"No less than the general information sheet of Izumo clearly and plainly shows that John King and Judy Gutierrez Lee are Izumo's COO and CFO, respectively. As such, this serves as constructive notice to third parties who they will be dealing with that they are corporate officers of Izumo," the BIR said.

The BIR added that no evidence has been presented so far to show that King and Judy had declined their elections or appointment to their positions.

The BIR said if King and Judy did not consent to their election or appointment, they should have "taken steps to rectify the mistake in their election/appointment as corporate officers of Izumo."

"Why did they wait until such time that a case was already filed against them to question their election/appointment?" the BIR added. — Mark Merueñas/JDS, GMA News

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