MANILA – The tax office exceeded its target revenue for tobacco excise tax for the month of February after Japan Tobacco increased the payment by over 100 percent, the finance department said Monday.
Tobacco excise tax revenue for February exceeded target by 4.28 percent, reaching PTA 17.57 billion by mid-month, after Japan Tobacco International (JTI) paid P10.94 billion, or “more than double” the amount paid in January had Finance said in a statement.
From January 1 to February 18, tobacco excise tax collection reached pesetas 29.1 billion, or 73.53 percent, more than pesetas 16.77 billion for the same period last year, BIR deputy commissioner Arnel Guballa said.
“Notably, we have seen a huge increase in tobacco excise duty collection as JTI opened its plant in Lima, Batangas. So it’s fully operational, that’s why they increased their production. That’s why we have a whole collection of tobacco for this month, sir, ”Guballa said during a meeting with the DOF.
JTI Philippines overtook Philip Morris Fortune Tobacco Co as the top tobacco taxpayer for the period, the BIR said.
Mighty Corp previously sold its manufacturing and distribution facilities to JTI Philippines.
Finance Minister Carlos Dominguez previously expressed his optimism that the BIR would exceed its target of 2.08 trillion pesetas this year.
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