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Emperador buys 50% of Spanish brandy maker

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Emperador Distillers Inc

Tycoon Andrew Tan-led liquor firm Emperador Inc. has expanded its offshore business by buying a 50-percent stake in brandy producer Bodega Las Copas S.L., a unit of Spanish sherry producer González Byass, for P3.7 billion.

Posted: February 14th, 2014 in Latest Business Stories | Read More »

‘Sin’ tax collection up 61% in 8 months

Collection of taxes from manufacturers of cigarettes and alcoholic beverages surged in the first eight months of the year, boosted by the higher tax rates that have so far failed to dampen consumption of these so-called “sin” commodities.  AP PHOTO

Collection of taxes from manufacturers of cigarettes and alcoholic beverages surged in the first eight months of the year, boosted by the higher tax rates that have so far failed to dampen consumption of these so-called “sin” commodities.

Posted: November 7th, 2013 in Editor's Pick,Headlines | Read More »

Manila RTC: Courts have no authority to prevent collection of sin taxes

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A vendor sells cigarettes at a supermarket in Quezon City. AFP FILE PHOTO

The Manila City Regional Trial Court Branch 17 refused to restrain the Department of Finance and the Bureau of Internal Revenue (BIR) from enforcing the rules and regulations of Republic Act 10351, or the Sin Tax Law of 2012.

Posted: January 17th, 2013 in Latest Business Stories | Read More »

Liquor makers cry double taxation, sue to stop new rule

HIGHER SIN TAXES  A grocer sells beer, rum and cigarettes to a customer (not shown) in Manila. Malacañang has reiterated its call for the passage of the so-called sin tax bill, saying that based on the proposed law, the government can earn P60 billion a year.  AFP PHOTO Joel NITO

A group of manufacturers of alcoholic beverages has asked the courts to stop the Department of Finance and Bureau of Internal Revenue from implementing a new regulation that purportedly taxes both raw materials and the finished product, resulting in double taxation.

Posted: January 14th, 2013 in Latest Business Stories | Read More »

BIR issues new tobacco, alcohol excise tax rates

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Smokers who patronize lower-priced cigarette brands will have to pay more to get their fix starting next week as the Bureau of Internal Revenue has issued new rules on the implementation of revised excise tax rates under the sin tax reform law.

Posted: December 28th, 2012 in Editor's Pick,Headlines | Read More »

Senate passes sin tax bill

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A vendor sells cigarettes at a supermarket in Quezon City. AFP FILE PHOTO

The sin tax bill was finally approved Tuesday evening after senators concluded their deliberations and amendments on the measure. Certified as urgent by President Aquino, the bill was passed on second and third readings on the same day.

Posted: November 20th, 2012 in Headlines,Latest Business Stories | Read More »

Recto wants over half of sin tax revenues allocated for PhilHealth

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Sen. Ralph Recto. INQUIRER FILE PHOTO

Senator Ralph Recto on Tuesday proposed that more than half of the P40 billion additional revenue that is expected to be collected from increased “sin” taxes should be released directly to the Philippine Health Insurance Corp., or PhilHealth).

Posted: November 20th, 2012 in Latest Business Stories | Read More »

Sin tax bill: Flagging some constitutional issues

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The proposed legislation seeking to impose higher excise taxes on liquor and tobacco products, more popularly known as the sin tax bill, is one of the most controversial pieces of legislation that ever crossed the halls of Congress.

Posted: November 19th, 2012 in Columnists,Inquirer Columns | Read More »

Drilon sees passage of sin tax bill after Aquino certifies its urgency

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Senate President Franklin Drilon: Epira amendment high on agenda. INQUIRER FILE PHOTO

Senate ways and means committee chair Franklin Drilon expects the chamber to approve the controversial sin tax bill on both second and third (final) readings Monday after President Aquino certified it as urgent before leaving for Cambodia.

Posted: November 16th, 2012 in Latest Business Stories | Read More »

Group warns sin taxes to encourage smuggling, sees gov’t increasing income taxes

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A vendor sells cigarettes at a supermarket in Quezon City. AFP FILE PHOTO

A group of businessmen and professionals has warned that the government would lose, instead of generate more, revenues if it implements the proposal to slap much higher taxes on cigarettes. In the end, government might resort to increasing income taxes, the group warned.

Posted: November 16th, 2012 in Latest Business Stories | Read More »

DOH, Philhealth must prepare to absorb sin tax collections, says budget chief

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The government has set aside P30 billion from this year’s national budget as contingency fund for the Public-Private Partnership program. “This [P30 billion] will cover commitments made and obligations of the national government in the concession agreements for PPP projects,” Budget Secretary Florencio Abad (in photo) was quoted as saying in a report on the 2014 national budget published by Global Source. INQUIRER FILE PHOTO

State health agencies might not be able to immediately absorb the expected incremental revenues from the proposed sin tax reform bill, a Cabinet official said on Thursday.

Posted: October 18th, 2012 in Latest Business Stories | Read More »

Purisima, Henares deny favoring sin tax bill version of House

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BIR Commissioner Kim Jacinto-Henares. INQUIRER FILE PHOTO

Finance Secretary Cesar Purisima and Bureau of Internal Revenue Commissioner Kim Henares denied on Wednesday that they favored the House of Representatives’ version of the sin tax bill that imposed much less taxes on beer and alcohol, as alleged by Sen. Ralph Recto.

Posted: October 17th, 2012 in Latest Business Stories | Read More »

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