Philippines beneficial ownership data exposes single individual behind 103 shell companies in PHP 50 billion VAT fraud

Philippine authorities used ownership information from the Securities and Exchange Commission to uncover a VAT refund scam allegedly defrauding the government of PHP 50 billion (approx. USD 886 million) in taxes. The National Bureau of Investigation traced records across 103 shell companies to a single individual, enabling charges for tax fraud and document falsification.

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