Tobacco smuggling, fake stamps weigh on collections for sin tax


The BIR collected P163.5 billion in excise tax for 2016, reported BIR Deputy Commissioner Nestor S. Valeroso during a Senate Ways and Means hearing yesterday. The bulk of this total, or P91.6 billion, was collected from the sin tax on cigarettes.
 

The collections from cigarettes are lower than the P99.5 billion in 2015. Total excise tax collections for 2015 amounted to P158.3 billion.
 

Mr. Valeroso told reporters on the sidelines of the hearing that the collections for 2016 still need to be reconciled with other data, but illicit trade and fake tax stamps has put an impact in losses in their collection.
 

“Fake stamps and smuggled cigarettes,” Mr. Valeroso said when asked about what caused collections to decline.
 

http://www.bworldonline.com/content.php?section=Economy&title=tobacco-smuggling-fake-stamps-weigh-on-collections-for-sin-tax&id=139959