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Tobacco firm accused of ‘systemic fraud’

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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

The local arm of the manufacturer of Marlboro cigarettes Friday accused its fiercest competitor, homegrown Mighty Corp., of “systematic and endemic fraud” over alleged non-payments of duties on the tobacco leaf and filters that the latter imports.

Posted: October 25th, 2014 in Editor's Pick,Headlines,Latest Business Stories | Read More »

‘Sin’ tax take exceeds target

INQUIRER/AFP FILE PHOTOS

Collections of so-called ‘sin’ taxes from alcohol and cigarette products exceeded the Bureau of Internal Revenue’s September target by 45.5 percent.

Posted: October 23rd, 2014 in Editor's Pick,Headlines | Read More »

BIR collections rise by 22.87%

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The Bureau of Internal Revenue AFP FILE PHOTO

Tax collections of the Bureau of Internal Revenue (BIR) last September jumped by over a fifth year on year and exceeded its monthly target mainly on the back of a bigger haul from large taxpayers.

Posted: October 17th, 2014 in Latest Business Stories | Read More »

Mining hobbled by gov’t ‘fixation’ on taxes

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The Aquino administration’s proposal to hike taxes on the Philippine mining industry to an effective rate of as high as 81 percent of a company’s net income may result in the government drawing in less revenue from the sector—the exact opposite effect of what it hopes to achieve.

Posted: October 13th, 2014 in Headlines | Read More »

Higher tax collections trimmed deficit in Aug.

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Finance Secretary Cesar Purisima. INQUIRER FILE PHOTO

A higher budget surplus of P29.9 billion was posted in August, which helped slash the deficit to P25.9 billion during the first eight months, the Department of Finance (DOF) reported on Thursday.

Posted: September 26th, 2014 in Latest Business Stories | Read More »

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