Timothy shot up from his chair, phone in hand, heart thudding like a drum. For the first time since Jensen said "done," he wasn't thinking about houses or cars or yachts. He was thinking about the Bureau of Internal Revenue and some smug government official cutting a chunk out of his empire before it even existed.
He tapped frantically into his phone's browser.
Search: "Philippines tax foreign wire transfer $8 billion"
The first result slapped him across the face: Large remittances and deposits above ₱500,000 are automatically flagged and reported to the Anti-Money Laundering Council (AMLC).
"Shit, ₱500,000? That's just ten grand. I'm talking eight. Billion. Dollars!"
He scrolled further, his eyes scanning every word. Another line made him groan aloud: The Bureau of Internal Revenue (BIR) may classify incoming foreign transfers as taxable income if not proven otherwise. Donor's tax, income tax, or capital gains tax may apply depending on documentation.
