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

More on Failed Tax Scheme?

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

http://www.mb.com.ph/node/249943/bir-revoke

BIR revokes ruling on build-your-own scheme

By CHINO S. LEYCO

March 28, 2010, 10:59am

The Bureau of Internal Revenue (BIR) has revoked its earlier ruling regarding the build-to-own (BTO), build-your-own (BYO) and similar schemes that resulted in non-payment of taxes due to government.

Under the revenue memorandum circular 20-2010, the country's tax collection agency has ordered the revocation of
BIR ruling DA-245-2005.

The ruling was nullified upon the instance of RDO Gerry O. Dumayas and ARDO Christina C. Barroga of RDO 44-Taguig throught Makati Regional Director Alfredo Misajon based on their verification of the joint venture transactions between Meridien East Realty and Development Corporation (Meridien) and Century Properties, Inc. (CPI) last April 2009.

It was originally represented in the ruling that Meridien and CPI only manage the construction of the condominium project, and that the funds as contributed by the individual investors or co-developers are pooled in a 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 in 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.

The scheme is contrary to the policy behind
presidential decree 957, otherwise known as the "The Subdivision and Condominium Buyer’s Protective Decree," according to the House and Land Use Regulatory Board (HLURB).

Commissioner Joel Tan-Torres encouraged all the BIR offices concerned to report similar schemes for appropriate investigation and to prevent further erosion of tax collection running into hundreds of millions of pesos.

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