CASH SECRECY LAW VERSUS TAX EVADER
Murmur is informing taxpayers that a strong proposal is being deliberately pursued to deny “tax-evasion monies” the protection of the BANK SECRECY LAW. Advocates of this idea contend that the laws are created to protect the interest of the innocents and the fruits of their legal labor. Thus, they must not protect and promote the fruits from tax evading flat-form. Meaning, the cash from tax evasion activity including the cars and land that were purchased using the said cash are considered “illegal” and therefore, an illegal act cannot hide behind the laws of the State.
Furthermore, to give the CASH DERIVED FROM TAX EVASION the protection of the bank secrecy law is to give CONSENT AND PERMISSION for tax evaders to HAPPILY continue depriving the BIR the right to collect taxes.
A person, whether an individual or a corporation, is legally considered tax evader if he either underreported his sales or overstated his expenses by thirty [30] percent. In some cases, the premeditated failure/refusal to pay the duly assessed taxes is also classified as a tax evasion activity. For corporation, the president, treasurer, general manager, accountant, bookkeeper and the person who approved and signed tax returns, statements, and schedules shall be held criminally liable.
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