BIR files P0.80 Billion tax evasion case against Bulacan Gold Trader

The Bureau of Internal Revenue (BIR) today filed with the Department of Justice (DOJ) a criminal complaint against another Bulacan gold trader – VIRGILIO IPAPO OCAMPO (OCAMPO) – for four (4) counts of attempt to evade or defeat tax, twelve (12) counts of failure to file Quarterly Income Tax Returns, and four (4) counts of failure to file Annual Income Tax Returns and to pay tax, all in violation of Sections 254 and 255 of the NIRC of 1997, as amended.

Ocampo is a resident of No. 19 Eugenio St., Parada, Meycauayan, Bulacan.

Sometime in August 2010, Ocampo was included in the list given by the Bangko Sentral ng Pilipinas (BSP) to the BIR containing the names of individuals who had gold transactions with the BSP.

Investigation by the BIR disclosed that through his duly-appointed agents, Ocampo sold refined gold to the BSP in the years 2005 to 2008 amounting to P1.121 billion. Letters of Delivery and Sale detailing the number of pieces and the weight of the gold sold signed by Ocampo were obtained by the BIR from BSP.

Despite receiving taxable income from his gold transactions with the BSP, Ocampo, however, failed to file his Quarterly and Annual Income Tax Returns for taxable years 2005 to 2008. Not only did he fail to file the required tax returns during the period in question, he also did not pay his income taxes due on the same taxable years.

Ocampo was assessed deficiency income taxes for four (4) taxable years in the aggregate amount of P804.42 million, inclusive of surcharges and interests, broken down as follows: P101.64 million – 2005; P218.23 million – 2006; P244.72 million – 2007; and P239.83 million – 2008.

The case against VIRGILIO IPAPO OCAMPO is the seventy-ninth (79th) filed under the Run After Tax Evaders (RATE) Program of the BIR under the leadership of Commissioner Kim S. Jacinto-Henares.