income tax

Finance Secretary Purisima: there is an effort to discredit me

Philippine Finance Secretary Cesar Purisima tweeted that there is an effort to discredit him. The secretary submitted his statement of assets and liabilities, which included his income tax returns, and mandatory clearances from the Bureau of Internal revenue. This is required under Philippine law.

“I understand that a malicious party has zeroed in on the increase in my assets from 2006 to 2009, and is asking why the increase is bigger than the income declared in my income tax return,” @cvp1960 tweeted.

“The simple answer is,” Secretary Purisima wrote, “Passive income such as interest which is not included in the income tax return. In fact, this is the very reason why the BIR issued RR-2-2011 so as to capture passive income, but had it suspended because of complaints from many parties.”

RR-2-2011 is the Annual Information Return, which was supposed to be required of individuals with income exceeding 500,000 pesos.

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