|Ferrari stock image via Pixabay|
Rex Pepito Cortez purchased a Ferrari sportscar in December 2013 for P15.41 million. In March 2014 he sold the car for P33 million to a certain James Tiu.
Cortez, the BIR said, failed to file an income tax return for taxable years 2013 and 2014 despite the sale of the vehicle.
He has furthermore no records of income and value added taxes for taxable years 2007 to 2014.
According to BIR records, Cortez is an employee and not a registered business taxpayer.
BIR said he has tax deficiencies of P8.38 million for taxable year 2013 and P8.5 million for taxable year 2014.—BICOLSTANDARD.COM