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Friday, October 02, 2015

33 BRANCHES OF LBC SHUTS DOWN BY ORDER OF BIR ARE NOW OPEN

UPDATE: The LBC Branches that was closed by order of BIR are now open

Screenshot from Abante




"The Bureau of Internal Revenue (BIR) closed over the weekend a subsidiary of the Luzon Brokerage Company (LBC) and its 33 branches all over Metro Manila for allegedly under declaring its sales by more than P545 million for three years.
In a report to BIR Commissioner Kim S. Jacinto-Henares, Makati Revenue Regional Director Jonas DP Amora said LBC-Express-SMM, Inc., which main office is located along Alabang-Zapote Road, Muntinglupa City reportedly altered its point-of-sales machines to hide its correct sales.
Specifically, the business enterprise previously named Bag Acceptance Corporation was accused of not registering the business, issuing unregistered value-added tax receipts and filing incorrect VAT returns thus paying lower taxes.
All its branches located in Makati, Pasay, Las Pinas, Paranaque and Muntinlupa were also closed."
Read more from source here





A total of 33 branches being operated by a subsidiary of popular cargo and courier services provider LBC Express Inc. were padlocked by the Bureau of Internal Revenue (BIR) last Thursday due to unpaid taxes during the last three years amounting P145.7 million.

In an e-mail to the Inquirer on Saturday, the country’s biggest tax-collection agency disclosed that it shuttered LBC Express-SMM Inc., or formerly known as Bag Acceptance Corp., whose main office is located along Alabang-Zapote Road in Muntinlupa City.

This LBC subsidiary’s branches in southern Metro Manila were also closed down, including eight in Las Piñas City, eight in Taguig City, six in Muntinlupa City, six in Parañaque City, four in Pasay City, and one in 

Post-evaluation and verification of the company’s 75 POS units showed that it altered, integrated or modified the machines even without approval of the BIR’s respective revenue district offices overseeing the branches’ locations.
Also, the BIR discovered that LBC Express-SMM underdeclared its taxable sales by P105 million in 2013, P27.5 million in 2014, and P13.2 million in January 2015.
The BIR urged the firm to pay its tax liabilities and file value-added tax (VAT) returns with correct taxable receipts.
However, LBC Express-SMM did not comply with the 48-hour as well as five-day VAT compliance notices from the BIR, hence its branches were shut down through the closure orders issued by Deputy Commissioner Nelson M. Aspe.


Read more: http://business.inquirer.net/199802/bir-shuts-down-33-branches-of-lbc-subsidiary-due-to-unpaid-taxes#ixzz3mvoGqUzi


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