Globe asks court for Bayantel's debt restructuring

 Economy
May 292013
 

MANILA, Philippines — Local carriers Globe Telecom and Bayan Telecommunications have filed a motion with a court seeking to restructure Bayantel’s debt of $423.3 million.

Following Globe’s tender offer for the Bayantel debt in 2012, Globe currently holds approximately 96.5 percent of the total financial indebtedness of Bayantel. The joint motion aims to achieve a rehabilitation of Bayantel.

Globe disclosed Bayantel’s operations from traditional fixed line services, growing competition, have not generated sufficient revenue to continue making the debt payments under its present rehabilitation plan.

If approved by the court, Globe expects the restructuring would lessen the debt to about $131.3 million.

Globe believes such a restructuring would allow them to further strengthen collaborative efforts with Bayantel regarding local exchange networks, corporate data and broadband businesses.

Tax evasion raps filed vs trading firm, model agency

 Entertainment
Mar 032013
 
Tax evasion raps filed vs trading firm, model agency

(Bureau of Internal Revenue Logo) MANILA, Feb 28 (Mabuhay) — The Bureau of Internal Revenue (BIR) charged a Laguna-based trading company with willful failure to pay due taxes amounting to P4.49 million. Charged before the Dept. of Justice (DOJ) was Jera Marketing, Inc. (JMI) and its president, Ester R. Almendrala, for alleged violations of Sec. 255 in relation to Sec. 253 of the National Internal Revenue Code. BIR Commissioner Kim Henares bared that JMI was issued a Letter of Authority (LOA) for the examination of its books of accounts and other accounting records for taxable year 2006. However, JMI reportedly failed to submit these documents. The BIR then issued a subpoena duces tecum, Preliminary Assessment Notice, and a Formal Letter of Demand pointing out the firm’s tax liabilities but, again, JMI allegedly failed to settle the same. The case against JMI is the 152nd filed by the bureau under its Run After Tax Evaders (RATE) program under the Aquino administration. Meanwhile, a separate complaint was filed by the BIR against the owner of a casting firm for a total tax liability amounting to P6.61 million. Angelica Bonnevie Mara was charged for “willful failure to evade or defeat tax and for deliberate failure to supply correct and accurate information in her income tax return (ITR) for taxable year 2009.” Mara owns Model Shop Casting Studio with business address in Makati City. BIR Commissioner Kim Henares said a preliminary investigation was conducted on Mara’s alleged tax evasion scheme. In the course of Read More …