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May 19, 2016 @ 8:31

Vitarich to fight BIR

Vitarich Corp. today said it is taking appropriate legal actions on the P1.29-billion in taxes that the Bureau of Internal Revenue is seeking from it.

In a disclosure to the stock exchange, Vitarich said the BIR assessed it P1.29 billion for taxable year 2011 for income tax, value added tax, withholding taxes, documentary stamp tax, and fringe benefit tax.

“Vitarich is taking appropriate legal steps to assail the assessment on the grounds of prescription and lack of factual basis,” the company said.

Vitarich’s performance has been anemic and only recently turned around its operations to show a profit of P8.6 million last year from a loss of P577.8 million in 2014.

Local farmers have been complaining of the unabated smuggling of agricultural products in the country, including frozen chicken leg quarters.

Vitarich grows and distributed live and dressed chicken to wet markets and supermarkets around the country.

Vitarich was not clear on whether the assessment it received was just a preliminary assessment or a final assessment.

The BIR’s process in dealing with deficiencies in tax payment involves sending a preliminary assessment to the company or individual who will then need to communicate with the BIR and argue its case. The assessment is discussed until the BIR collects some money.

In cases when some companies ignore the BIR’s preliminary assessment, the BIR sends several more letters until it sends a final assessment. Companies have a deadline in responding to the final assessment and when the deadline is missed, the assessment is deemed final. (By: Eileen A. Mencias)



 

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