According to Oscar Barrientos, executive vice president of local cigarette manufacturer Mighty Corporation of Mighty Corp, his company's excise tax payments alone rose from 300 million pesos to 8 billion pesos.
“The tax we paid for the year 2013 reflects the jump in our market share and our fair share in the increased taxes on “sin” products." Barrientos explained.
Barrientos, a retired regional trial court judge, said that the facts should put to rest false accusations made on Mighty Corporation that it has not been paying taxes correctly. He also said that despite charges and negative publicity circulation in the news and media by some members of the congress and of course their competitors, no case has been filed in court. Which only strengthen the fact that the allegations were malicious and untrue.
In fact, BIR and the Bureau of Customs have already cleared Mighty Corporation of any tax deficiency earlier this year.
Mighty Corp's shares shot up after the government put into effect Republic Act 10352, otherwise known as the new sin tax law. The law has synchronized a five-year adjustment of taxes on cigarettes for it to become a uniform P30 per pack in five years covering all brands.
BIR records also shown that excise taxes from both cigarettes and alcohol products increased by 81.5 % despite a decline in the number of sticks sold. Taxes from cigarettes represented 61.6 % or almost two thirds of sin tax collections for 11 months.
Barrientos, a retired regional trial court judge, said that the facts should put to rest false accusations made on Mighty Corporation that it has not been paying taxes correctly. He also said that despite charges and negative publicity circulation in the news and media by some members of the congress and of course their competitors, no case has been filed in court. Which only strengthen the fact that the allegations were malicious and untrue.
In fact, BIR and the Bureau of Customs have already cleared Mighty Corporation of any tax deficiency earlier this year.
Mighty Corp's shares shot up after the government put into effect Republic Act 10352, otherwise known as the new sin tax law. The law has synchronized a five-year adjustment of taxes on cigarettes for it to become a uniform P30 per pack in five years covering all brands.
BIR records also shown that excise taxes from both cigarettes and alcohol products increased by 81.5 % despite a decline in the number of sticks sold. Taxes from cigarettes represented 61.6 % or almost two thirds of sin tax collections for 11 months.
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