ABS-CBN used tax havens to avoid paying taxes in PH - Yap

ABS-CBN used tax havens to avoid paying taxes in PH - Yap

A few days back Kapamilya actress vented his frustrations to government because of what she believes to be a misplaced of priorities by making an open letter and signing it as a taxpayer.
“Ang daming time pag-initian ang ABS, i-prioritize pa ang re-naming ng airport, anti-terrorist bill, pero ang kailangang marinig ay ang plano tungkol sa COVID-19 and frontliners, plano sa edukasyon para sa mahihirap na walang access sa internet o magtuturo sa bahay, balik probinsya, OFW’s na stranded sa ibang bansa, kabuhayan ng nawalan ng trabaho,” Locsin said.

This time Benguet caretaker and ACT-CIS Representative Eric Yap bares the fact it is utterly unfair to all Filipinos who are paying their taxes when as a matter of fact the Lopez controlled ABS-CBN Corporation has been “avoiding” paying taxes for the longest time.

Benguet caretaker and ACT-CIS Representative Eric Yap (L) and Eugenio Lopez III
(photo credit to owner)

Yap made the statement during the continuation of the House hearing on the ABS-CBN Corporation’s franchise.
The lawmaker explained that the Kapamilya network set up distribution companies in “tax haven” countries like Cayman Islands, Luxembourg, and Hungary.
“What does tax haven mean? It is a country or independent area where taxes are levied at a low rate. Various reading materials state tax havens offer themselves as a place where non-residents can escape high taxes by putting their assets or businesses in that jurisdiction. Exactly what ABS-CBN has been doing for a long time,” he explained.

“They can say whatever they want, they can say that they just want to be competitive in the international market but at the end of the day, naiwasan nila ang pagbabayad ng 30% tax sa ating bansa,” Yap added.
He is aghast as to how the Lopez controlled corporation “carefully crafted scheme to avoid paying taxes.”
“Yung mga kababayan nating mga ordinaryong manggagawa at mga maliliit na negosyante ay nagbabayad ng tama pero ang ABS-CBN nakahanap ng paraan para makaiwas magbayad ng tamang taxes,” Yap said.

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