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Philippines to audit Mighty Corp.

| June 27, 2014

The Philippine Bureau of Internal Revenue (BIR) has started an audit on the tax payments of cigarette manufacturer Mighty Corp., reports ABS-CBN News.

BIR personnel have been assigned to Mighty’s manufacturing facilities to ensure they are complying with tax payments.

The investigation follows allegations that the company has been underdeclaring its production volume, resulting in billions of pesos in foregone revenues for the government.

Mighty produces the Mighty Menthol and Mighty Filter brands. In February, it defended its pricing as a “marketing” strategy and noted that the company pays no royalties to foreign parents, giving it a cost advantage.

 

 

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Category: Breaking News

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