MVP’s Smart, Meralco top taxpaying firms in 2013

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MVP’s Smart, Meralco top taxpaying firms in 2013
The Manuel V. Pangilinan led-firm dislodges Meralco as top taxpayer, with an income tax due amounting to P10.89 billion, the BIR reports

MANILA, Philippines – Smart Communications Incorporated is the top non-individual taxpayer for taxable year 2013, the Bureau of Internal Revenue reported Wednesday, March 11.

A firm led by Manuel V. Pangilinan, Smart of the Philippine Long Distance Telecommunications Company (PLDT) pushed another Pangilinan-led firm, Manila Electric Company (Meralco), to 2nd place as top non-individual taxpayer.

Based on BIR’s data as of March 6, 2015, Smart ranked first among the top 500 non-individual taxpayers for taxable year 2013, with an income tax due amounting to P10.891 billion ($245.76 million).

For taxable year 2012, Smart was the 2nd top non-individual taxpayer with an income tax due amounting to P7.938 billion ($179.13 million).

Meralco declared income taxes amounting to P9.69 billion ($218.55 million).

For taxable year 2012, Meralco’s income tax due was P9.346 billion ($210.79 million).

Top 10 non-individual taxpayers

The rest of the top 10 non-individual taxpayers in 2013 are:

  • Beer producer San Miguel Brewery Incorporated, ranked 3rd, 5 notches higher from the 8th spot for taxable year 2012, with its income tax due amounting to P4.879 billion ($110.07 million)
  • Food and beverage company Nestlé Philippines Incorporated came in 4th with P4.811 billion ($108.57 million)
  • Chevron Malampaya LLC placed 5th with P4.517 billion ($101.90 million)
  • Shell Philippines Explorations B.V. was 6th with P4.484 billion ($101.15 million). Both Chevron and Shell are in a venture for the Malampaya deep water gas-to-power project
  • Smart’s rival company, Globe Telecom Incorporated, took the 7th spot with income tax due amounting to P4.003 billion ($90.30 million)
  • Cigarette giant Philip Morris Fortune Tobacco Corporation Incorporated took the 8th slot with P3.422 billion ($77.22 million)
  • A newcomer to BIR’s top 500 list, trading company Chemwealth Incorporated ranked 9th with P2.909 billion ($65.65 million)
  • 10th was mall operator SM Prime Holdings Incorporated of Henry Sy – the richest man in the country, with its income tax due amounting to P2.777 billion ($62.67 million) for taxable year 2013

For 2015, BIR lowered its revenue collection goals on a quarterly basis.

For the first quarter this year, the revenue-generating agency expects to hit P344.6 billion ($7.79 billion) – the lowest quarterly target for 2015. 

Check the rest of the BIR top 500 non-invididual taxpayers here. –

US$1 = P44.26

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