Excise tax collections up 16% in 9 months
Kathleen A. Martin (The Philippine Star) - October 27, 2015 - 10:00am

MANILA, Philippines - Government’s excise tax collections went up 16 percent in the first nine months from a year ago level, data from the Bureau of Internal Revenue showed.

Total excise tax collections from all sin products amounted to P90.98 billion from January to September, up P12.61 billion from P78.37 billion in the same period last year.

BIR revenue from excise taxes slapped on tobacco products went up 18 percent to P61.35 billion from P51.83 billion recorded last year.

Excise taxes gathered from fermented liquors, meanwhile, rose 14 percent to P20.27 billion from P17.82 billion.

The tax agency also saw taxes collected from distilled spirits rising by seven percent to P9.35 billion as of September from P8.71 billion in the same period in 2014.

RA 10351 or the Sin Tax Law, which took effect on Jan. 1, 2013, raised the taxes on alcohol and tobacco products to allow the government to collect more revenues from these commodities.

This move, in turn, resulted in higher prices of the “sin” products, in part to discourage the public especially the youth to buy them as they pose risks to health.

The law requires that 15 percent of the revenue collected from excise tax on tobacco products be used to enhance the livelihood of tobacco farmers across the country.

Bulk or 85 percent of the remaining incremental revenues, meanwhile, are mandated to be used for the government’s health care programs nationwide.

ACIRC BILLION BUREAU OF INTERNAL REVENUE EXCISE JAN PERCENT PRODUCTS SIN TAX LAW TAX TAXES TOBACCO
Philstar
  • Latest
  • Trending
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with