Income Tax Returns and SALN

Dear insansapinas,

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I can not understand why the media and the impeachment court kept on referring as Corona's SALN. Whatever are reflected in this statement is a combination of the properties of the Corona couple.  Now they are asking for the presentation of the ITR of Corona to find out how he is able to afford to buy the prime real estate.


Did they file their income tax returns separately? Did they separate their assets, liabilities and networth? 





Even if the couple filed their income separately, whatever is the change in the networth of a civil servant who is married comes from the combination of the revenues and values of assets of the husband and wife.


So if the change in the SALN for the income factor is assuming one million, this does not come from the head of the family alone except if the wife is a stay-at-home mom. It is a simple math, income of the wife plus income of the husband equals the total change in the networth from income earned from employment or  practice of profession of the spouse. 

According to Kim Henares, the value of the real value of the Corona's properties can be found in the ITRs which can be derived by deducting the actual transaction cost from the actual selling price. What she failed to mention is that the FMV changes over the years. The undervaluation that the prosecutors are claiming is exactly the reason why there is a recognition of gain on sale of real property which is taxed  at 6 per cent and is not included in the taxable income of the taxpayer which is taxed progressively.

It is easier for the sold property because there is already an exchange of values.  If it is not sold yet and there is no independent party to assess the fair market value
for purposes of unsold properties, isn't it this should apply:

11) What is the basis in the valuation of property?The value of the real property will be based on the selling price, fair market value as determined by the Commissioner (zonal value) or the fair market value as shown in the schedule of values of the Provincial or City Assessor, whichever is higher.If there is no zonal value, the taxable base is whichever is higher of the gross selling price per sales documents or the fair market value that appears in the latest tax declaration.If there is an improvement, the FMV per latest tax declaration at the time of the sale or disposition, duly certified by the City/Municipal Assessor shall be used. No adjustments shall be added on the said value, provided that the tax declaration bears the upgraded fair market value of the said property pursuant to Section 219 of R.A. No. 7160, otherwise known as the Local Government Code of 1991 and the last paragraph of the Local Assessment Regulations No. 1-92 dated October 6, 1992.In case the tax declaration being presented was issued three (3) or more years prior to the date of sale or disposition of the real property, the seller/transferor shall be required to submit a certification from the City/Municipal Assessor whether or not the same is still the latest tax declaration covering the said real property. Otherwise, the taxpayer shall secure its latest tax declaration and shall submit a copy thereof duly certified by the said Assessor. (RAMO 1-2001)

The ITR of the government offical does not reflect all the benefits which when quantified is more than the basic salary he/she is receiving.

Government officials of certain ranks enjoy transportation allowance such as free vehicle, free gas and oil, maintenance and driver. The president and vice-president are provided with housing, security and other expenses not reported as incomes.


Consular offices are so pampered that they are even provided with domestic helpers abroad. 

These are paid for by the government and are charged as administrative expenses of the respecitve departments. 

Oh well, what is the use of arguing when the senator judges will vote by the number. Who are pros and who are the cons. It's Christmas time, exchange gifts lang yan

Pinaysaamerika