Three gold traders were slapped with a P6.97-billion tax evasion suit before the Department of Justice.

Charged by the Bureau of Internal Revenue were Remegio Descalsota Jr., of Bacoor, Cavite, Rex Chua Co Ho of Ongpin, Manila and Aurelio Baring of Meycauayan, Bulacan.

Tax probers disclosed that the three failed to file their Quarterly and Annual Income Tax Returns from 2005 to 2009 despite receiving taxable income from their gold transactions with the Bangko Sentral ng Pilipinas.

Descalsota reportedly earned a total of P861 million worth of gold sold to BSP from 2005 to 2009 but he “grossly underdeclared” his income.

On the other hand, Ho sold P4.94 billion worth of gold and silver to the BSP from 2005 to 2009 but failed to submit the correct data to the BIR.

Baring failed to declare his income and file his income tax return from 2005 to 5009 despite earning at least P3.2 billion from the gold he sold to BSP.

Since the start of the Run After Tax Evaders program, the BIR had already charged seven gold traders.