JTI takeover bumps up Mighty’s excise taxes
Mary Grace Padin (The Philippine Star) - November 8, 2017 - 4:00pm

MANILA, Philippines — Excise tax collections from Mighty Corp. almost tripled to P6.2 billion since its operations was taken over by Japan Tobacco International (JTI) Philippines Inc., the Department of Finance (DOF) said yesterday.

According to DOF data, Mighty Corp.’s excise tax payments surged 200 percent to P6.2 billion in the first 10 months from P2.07 billion in the first 10 months the same period last year.

JTI Philippines bought Mighty Corp. from the Wongchuking family for P46.8 billion in September after the latter was embroiled in controversy due to alleged use of fake internal revenue stamps.

Of the amount, P25 billion was offered to the government by Mighty Corp. as settlement for its tax liabilities.

Earlier, Finance Secretary Carlos Dominguez said JTI is expected to pay a minimum of P3.1 billion a month starting January 2018, which is about P2 billion more per month than what Mighty Corp. had previously been paying.

“For fiscal year 2018, JTI is expected to pay almost P40 billion out of the estimated P118 billion in total excise tax collections on tobacco products,” he said.

This amount represents a third of the total revenue collections from the excise tax on cigarettes, according to Dominguez.

According to Bureau of Internal Revenue data, the agency collected P17.7 billion in excise taxes in September, 12 percent higher than the P15.67 billion in the same month in 2016.

Philstar
Facebook
  • Latest
  • Trending
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
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.