Cebu City Mayor Tomas Osmeña files a complaint against BDO Magallanes at the City Prosecutors Office (CDN PHOTO/JUNJIE MENDOZA).
Cebu Mayor Tomas Osmeña has filed a complaint before the Office of the City Prosecutor, claiming that Banco de Oro – Magallanes Branch has committed “tax fraud”.
Osmeña said that BDO-Magallanes declared a gross annual revenue of P400,000 which the mayor pointed out as not even enough to pay its bank manager since the amount would mean that the establishment is only earning around P30,000 per month.
“You know people say that they are very reputable,” he said. “They are tax cheats and I’m here to prove it.”
The charges included in the complaint against BDO are “Other Deceits” and “Falsification by Private Individuals” under the Revised Penal Code and violation of the City Tax Ordinance.