Surangel & Sons Co. condemned the recent leak of its tax reports on social media, labeling it a violation of the company’s privacy and part of a smear campaign, according to a press statement released yesterday.
The company stated that the unauthorized release of sensitive financial information could harm its business operations and jeopardize the jobs of its 730 employees. Surangel & Sons further argued that the leaked reports were designed to misinform the public and influence voter opinion.
The leaked tax documents, which include filings for the fiscal year 2023, reveal that Surangel & Sons reported gross revenue exceeding $70 million and claimed deductible expenses of over $67 million. The documents indicate that the company paid a Business Profit Tax of just over $300,000. Accompanying commentary references President Surangel Whipps Jr.’s claim that large companies contribute a higher share of taxes, alleging that the leak shows the company paid significantly less tax under the Palau Goods and Services Tax (PGST) system compared to the Gross Revenue Tax (GRT) system. Specifically, the company’s tax payment decreased from approximately $2 million under the GRT to around $300,000 under the PGST.
In its statement, Surangel & Sons emphasized that it is not a political candidate and described the document leak as damaging to its reputation and competitive standing, potentially jeopardizing the employment of hundreds of Palauan workers. (By: L.N. Reklai)