Wednesday, January 25, 2012

CORONAS' INCOME, ASSETS DON'T MATCH'C


MANILA, Philippines - The declared income of Chief Justice Renato Corona and his wife Cristina did not match records of their asset acquisitions.

This was the gist of the testimony yesterday of Bureau of Internal Revenue (BIR) Commissioner Kim Henares before the Senate impeachment court.

After ordering the issue of ill-gotten wealth stricken off the impeachment complaint against Corona, the Senate impeachment court allowed Henares to take the witness stand.

Henares’ testimony centered on the Corona couple’s income records and the real estate purchases.

She revealed that Corona never filed income tax returns from 2002 to 2010. She stressed that Corona was not required to file ITRs based on Section 51 of the National Internal Revenue Code, which provides that individuals who have only one source of income do not have to file an ITR.

In lieu of the ITR, the employer – in Corona’s case the Supreme Court (SC) – submits to the BIR a so-called alpha list containing the income and salaries received, tax withheld and remittance made to the BIR of all employees, including the justices of the court.

Senate President Juan Ponce Enrile said that the prosecution must submit the alpha list as evidence but private prosecutor Arthur Lim said this was not possible because it contains confidential information, specifically, the income of the other justices.

Upon questioning from Sen. Ralph Recto, Henares managed to disclose only the income of Corona from 2002 to 2010 based on his withholding tax in the alpha list.

Continue Reading at The Philippine Star