Cedric Lee Multimillion Tax Evasion Charge | Is He Vindicated on Vhong Navarro Issue

March 27, 2014

Manny Pacquiao and Cedric Lee

Cedric Lee (right)

Cedric Lee was slapped with a multi-million Tax Evasion charge, but this latest development left many wondering whether his accusation of rape against Vhong Navarro is true. The Bureau of Internal Revenue (BIR) charged Cedric Lee and his company Izumo Contractors Inc., of tax evasion to the tune of P194.47 million. Cedric Lee said at the height of the Vhong Navarro controversy that he is rich and denies the Extortion angle being accused of him and his sister and friends.

The Bureau of Internal Revenue (BIR) through BIR Commissioner Kim Henares said they filed with the Department of Justice (DOJ) the Tax evasion case against Izumo Contractors, Inc. and Cedric Lee, who is the company’s president and chief executive officer, which stemmed from a confidential information received by the BIR, denouncing Izumo for tax evasion committed via non-declaration of income realized from its business for a total tax liability of P194.47 million, inclusive of surcharges and interests.

Access letters were sent to its clients to ascertain the true income received by Izumo, replies to these access letters revealed that Izumo received income payments totalling P302.62 million from 2006 to 2009. However, Izumo deliberately failed to declare its true income and declared only P72.22 million as income for the said years.

Also named as respondents in the tax evasion complaint is John K. Ong, Izumo chief operating officer, and Judy Gutierrez Lee, chief financial officer. Photo credits: FB.