Plan, plan and plan some more

QUESTION: Is Stonewall Central a better name for the property?
UPDATE (click): 2012 Audited Financial Statements
UPDATE (click): 2013 Annual Meeting packet
UPDATE (click): 2013 Special Meeting packet

AUDITED FINANCIAL STATEMENTS ANALYSIS 2009-2012 (click): A CPA analysis of SOHO Central Condominium Corporation's Audited Financial Statements

The Fantasy Vision

Does everyone remember this among the wonderful ads and brochures and how about the salespeople and what they told us. I hear such fantasies continue. So after watching and remembering, cry and then laugh at the truth that is being exposed.









And, if the above is not enough and you need elevated blood pressure, here is the project's brochure.

Many posts are still issues and need to be read once again. At this main hub of postings watch for new posts and updates. Please get involved by spreading the word as to the issues here. We must document all that is taking place. Many documents need retrieval and assistance is needed in getting them scanned and posted.

Monday, March 18, 2013

Failed Tax Scheme?

(original web post 09/25/12) (BIR Media Release)

Does anyone have an update concerning this serious matter at SOMA?

http://www.mb.com.ph/articles/249408...g-housing-plan

BIR revokes ruling on housing plan

March 24, 2010, 5:49pm

The Bureau of Internal Revenue (BIR) revoked Wednesday an earlier ruling on the build-to-own (BTO), build-your-own (BYO) and other similar housing or condominium unit-owned schemes that resulted in the non-payment of taxes due to government.

BIR Commissioner Joel Tan-Torres said his agency nullified its previous ruling —
BIR Ruling No. DA-245-2005 on constructing or building housing or condominium units — after a thorough investigation conducted by regional district officer Gerry Dumayas and assistant regional district officer Christina Barroga of BIR-RDO in Taguig.

Dumayas and Barroga, in coordination with BIR-Makati RDO Alfredo Misajon ruled that Meridien East Realty and Development Corporation (Meridien) and Century Properties Inc., failed to pay the income taxes and value-added taxes in million of pesos.

Meridien and Century properties, in a joint venture transaction last April 2009, contested that they only manage the construction of the condominium project in Global City, Taguig, and the funds as payment of the individual investors/co-developers are pooled in the bank with the developer, as project manager, receiving only a project management fee.

Moreover, the assignment and delivery of the developed units to a joint owner, is claimed non-taxable being merely a transaction to effect the return of capital contribution. This resulted to the non-payment of income taxes and value-added tax by Meridien and CPI on the gross project amount.

However, upon RDO 44’s investigation of the facts presented. They found out that Meridien and CPI misrepresented said transactions, which nullified the said ruling. (Jun Ramirez)

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