(Eagle News) –The Bureau of Internal Revenue (BIR) has reported it has collected roughly P4 billion more in monthly excise taxes from Mighty Corporation during the September-December 2017 period.
BIR Commissioner Caesar Dulay said the P20.22 billion–collected since Japan Tobacco Inc. (JTI) fully took over Mighty Corp.’s operations—represents a 262 percent increase from the P5.57 billion collected for the same period in 2016.
“What stands out there is the Mighty-JTI improvement in collections…,” Dulay said.
Dulay also said the excise tax collections amounted to P71.24 billion from September to December, a 26.68 increase from the P56.24 billion in the same period in 2016.
The government has so far collected about P30 billion from the tax settlement and the sale of Mighty Corporation’s assets to JTI, which is the largest sum of taxes ever collected from a single corporate entity, Dulay said.
Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the government is now implementing higher tobacco excise taxes.