The Royale Business Club Charged With Tax Evasion
The Philippines has been a hot bed for MLM scam news. Emgoldex Philippines was revealed to be a fake company and now The Royale Business Club is in the headlines. Who will be next?
The Royale Business Club, a Philippine MLM organization, has been slapped with tax evasion charges by the Philippine Bureau of Internal Revenue for P359.75 million ($8.13 million).
Also charged for the same violations were its officers: Royale president Julius Allan Nolasco; vice president for finance/treasurer Isa Angela C. Bautista; assistant treasurer Jeanette Maghirang; assistant treasurer Imelda Pedron; and assistant accounting manager Marjorie Molina.
The Royale Business Club received income payments amounting to P190.79 million ($4.31 million) in 2011; P236.38 million ($5.35 million) in 2012; and P354.06 million (8.01 million) in 2013.
But The Royale Business Club declared in its income tax returns gross sales amounting to only P39.14 million ($884,374.12) in 2011; P106.69 million ($2.41 million) in 2012; and P196.68 million ($4.44 million) in 2013.
The Royale Business Club under reported its sales by 387% or P151.64 million ($3.43 million) in 2011; 122% or P129.69 million ($2.93 million) in 2012; and by 80% or P157.38 million ($3.56 million) in 2013. This allowed The Royale Business Club to keep in total P359.75 million ($8.13 million) for 2011, 2012, and 2013. – source abs-cbnnews.com
Here how The Royale Business Club describes themselves:
Royalè is a 100% Filipino-owned corporation established in 2006. From its headquarters in Quezon City, Philippines, the company is continually changing the landscape as we know it – from its expansion of branches throughout key cities in the country to international hotspots in the cities of Dubai, Taipei, Singapore, Doha & Abu Dhabi.
With pillars of industry leaders backed by years of experience and expertise in Finance and Marketing, the company stands tall as a major player in the industry, offering its wide spectrum of FDA-approved health, wellness and beauty products. – Source Royalebusinessclub.com
With all this experience you would think they would know how to pay their taxes.