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Customs pessimistic on meeting ’13 target

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customs

The Bureau of Customs (BOC), which fell short of its first-semester collection target by more than P18 billion, has indicated that the shortfall could persist in the second semester.   Customs Deputy Commissioner Peter Manzano said there was a chance the target set for the second half of the year might be unrealistic because of [...]

Posted: August 20th, 2013 in Editor's Pick,Headlines | Read More »

PAL gets P2.1M tax refund for in-flight booze

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INQUIRER FILE PHOTO

The Court of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue and the Bureau of Customs (BOC) to refund Philippine Airlines P2.1 million in excise taxes it had paid in 2008.

Posted: February 8th, 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 »

Smuggling no reason to stop raising ‘sin’ taxes, says lawmaker

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Minority leader Danilo Suarez. INQUIRER.net FILE PHOTO

Concerns about the entry of smugglers should not deter efforts to raise excise taxes on the so-called sin products, such as cigarettes and alcoholic beverages, according to lawmakers.

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

Group backs ‘sin’ tax changes

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A group of prominent economists has backed the government’s plan to restructure the excise taxes on tobacco products, saying such reforms are “imperative” for health reasons as well as to boost revenue collection efforts.

Posted: February 29th, 2012 in Headlines | Read More »

ABI nixes 140% tax hike on low priced brews

Asia Brewery, Inc. (ABI), maker of popular brands Beer na Beer and Colt 45, is opposing a proposed measure that will slap a 140-percent tax increase on low-priced beer, stressing that it will adversely impact its low-income consumer base.

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

Petron calls for cap on excise, value-added taxes on oil imports

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MANILA, Philippines—Petron Corp., the country’s largest refiner and retailer, is urging the government to put a cap on the existing excise and value added taxes levied on oil imports, so as to prevent the unwarranted spikes in local pump prices. “I hope we can request the Department of Finance to review the taxes because the [...]

Posted: September 20th, 2011 in Latest Business Stories | Read More »

DoE backs Shell on excise tax row vs Customs

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The Department of Energy has backed Pilipinas Shell Petroleum Corp.’s claim that the alkylate it was importing was an intermediate product used in the production of gasoline and, therefore, should not be slapped with excise taxes. Energy Secretary Jose Rene D. Almendras explained that based on the definition found in the Philippine National Standards (PNS) [...]

Posted: September 14th, 2011 in Headlines | Read More »

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