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 […]
Fitch Ratings recently raised Philippines’ credit worthiness to “BBB-,” saying recent “sin” tax reforms demonstrated the government’s commitment to strengthening its revenue base. In January, the Philippines enacted new alcohol and tobacco tax laws, which raised the price of locally made, low-end cigarette brands by about 700 percent.
British American Tobacco will double its purchases of Philippine tobacco as it plans to invest more than $50 million in the country this year, reports The Manila Bulletin. James Lafferty, general manager of BAT Philippines, said the company will buy 3.6 million kg of Philippine tobacco, valued at between $12 million and $14 million, in the […]
The Philippine health department warned the public on April 12 against e-cigarettes, saying the tobacco substitute could turn children into smokers. E-cigarettes have been gaining favor among Filipinos as higher tobacco taxes make smoking more expensive, according to a story in the Manila Times. Food and Drug Administration director-general Kenneth Hartigan-Go disputed what he said were […]