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Sin tax law ups prices of tobacco, booze anew

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The output by the manufacturing sector, including tobacco products, grew by another double-digit pace in September, indicating that the country was taking the crucial first steps toward industrialization. AFP FILE PHOTO

Prices of tobacco and alcohol products went up on January 1 as the second increase of prices took effect in accordance with the Sin Tax Law.

Posted: January 1st, 2014 in Latest Business Stories | Read More »

Philip Morris plan to make cheap cigs draws opposition

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Tobacco giant Philip Morris Fortune Tobacco Corp. has sought permission to manufacture four variants of its Marlboro products as low-priced cigarettes. AP

A health group has lashed out at tobacco giant Philip Morris Fortune Tobacco Corp. (PMFTC) over its plan to manufacture cheaper cigarettes to compete with a local brand, saying this would defeat the purpose of the “sin tax” law.

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

Rocketing revenue proof sin tax working, says DOF

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The output by the manufacturing sector, including tobacco products, grew by another double-digit pace in September, indicating that the country was taking the crucial first steps toward industrialization. AFP FILE PHOTO

Finance officials reported a big surge in tax collections for cigarette and alcoholic beverages in the first three quarters this year, indicating the success of the sin tax law which took effect at the start of the year.

Posted: November 25th, 2013 in Latest Business Stories | Read More »

Mighty Tobacco Corp. willing to open books

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PHOTO FROM MIGHTYCORP.COM.PH

Mighty Tobacco Corp. on Wednesday welcomed calls for authorities to examine its books amid allegations that it has been dodging taxes and customs duties in order to price its products cheaply and undercut market rivals.

Posted: November 7th, 2013 in Latest Business Stories | Read More »

Breaktime: High-end Mighty

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Quietly, without much fanfare, wanting to investigate a little-known cigarette company for smuggling and tax evasion, Finance Secretary Cesar Purisima gave the revenue backbone of the government—the Bureau of Internal Revenue and the Bureau of Customs—an imperative deadline.

Posted: November 7th, 2013 in Columnists,Inquirer Columns | Read More »

‘Sin’ tax collection seen to top P100-B mark

The government’s tax collection from so-called “sin” products next year may breach the P100-billion mark for the first time due to the yearly increase in tax rates mandated by law.

Posted: October 20th, 2013 in Headlines | Read More »

Gov’t ‘sin’ tax collection this year may reach P36B

The government expects its “sin” tax collection this year to reach P36.34 billion, which is way beyond the official incremental revenue target set for 2013.

Posted: July 28th, 2013 in Headlines | Read More »

With sin tax, ‘lambanog’ maker sees vigorous sales

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With the increase in prices of liquor in the market following the passage of Republic Act No. 10351 or the Sin Tax Law, a “lambanog” producer expects a rise in sales of coconut-based liquor.

Posted: February 2nd, 2013 in Editor's Pick,Headlines,Inquirer Features | Read More »

As ‘sin tax’ looms, gov’t tends to tobacco farmers

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HOPING to minimize the impact of the “sin tax” measure, the tobacco industry will have to resort to “import substitution” and step up local production of tobacco while cutting back on imports.

Posted: December 15th, 2012 in Headlines | Read More »

Sin tax revenue earmarking set Monday

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

Only the earmarking of the revenues from the sin tax bill is left to be discussed in the bicameral conference after its members concluded deliberations on tax rates Thursday night.

Posted: December 7th, 2012 in Latest Business Stories | Read More »

Bicam moving towards setting sin tax target from P33.5B to P35B

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

The bicameral conference committee on the sin tax reform bill on Thursday moved towards setting the measure’s revenue target to P33.5-P35 billion.

Posted: December 6th, 2012 in Latest Business Stories | Read More »

P35-B revenue target for sin tax shaping up at bicam

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

The bicameral conference committee on the sin tax reform bill on Thursday agreed to set the measure’s revenue target to P35 billion.

Posted: December 6th, 2012 in Latest Business Stories | Read More »

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