August 10, 2009 · Posted in: General
Gov’t spends P45M on road to lot Arroyo sold for P42M
The second part of our series on Arroyo wealth, written by Karol Anne M. Ilagan, reviews the sale by President Arroyo and the First Gentleman on Dec. 23, 2008 of a three-hectare agricultural land nestled in the foothills of the Sierra Madre in San Rafael, Bulacan, to a businessman who said he wanted to dig for pozzolan, silica sand and aggregates there. The First Gentleman sold the lot for P41.5 million, according to the deed of sale that was also signed by the president. The First Gentleman said he acquired it in 1996 for P100,000 but President Arroyo’s SALN said she bought it in 1995 for P1.2 million, and that its fair market value by 2007 was only P4.7 million.
1 Response to Gov’t spends P45M on road to lot Arroyo sold for P42M
botibs
August 16th, 2009 at 1:01 pm
The best way to make sure of the amount that changed hands in this deals is by looking into the capital gains tax paid for the said sale. If it was indeed sold for 42M capital gains tax paid should amount to roughly 2.56M. Its been over a year since the deal has transpired and if no records of the corresponding taxes could be found we have another charge to be added on the arroyo impeachment.