Pharmally’s P3.4B ghost purchases?
Pharmally’s P3.4B ghost purchases?
By Sofia Tomacruz
MANILA — On top of allegations of graft and favoritism from the budget department, Pharmally Pharmaceutical Corporation now faced the challenge of defending itself against suspected tax evasion after senators raised a series of potential liabilities in the company’s records and financial statements.
An analysis of the firm’s tax records revealed alleged questionable findings that included some P3.4 billion in purchases in 2020 lacking documentation or proof. The amount was nearly half of the P7.2 billion purchases Pharmally declared in its audited financial statement, but was missing in income tax returns filed with the Bureau of Internal Revenue (BIR).
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