Excise tax collections from tobacco up 31%

© STAR/File Excise tax collections from tobacco up 31%

MANILA, Philippines — Excise tax collections from tobacco products went up more than 31 percent to P83 billion in the seven months to July from P63 billion a year ago, the Department of Finance (DOF) said.

Philip Morris Fortune Tobacco Co. Inc. (PMFTC) remained the top tax payer among tobacco firms with over 50 percent of the amount, followed by Japan Tobacco International (JTI) Philippines.

Finance Assistant Secretary Maria Teresa Habitan said taxes collected from PMFTC went up by nearly seven percent to P42.04 billion, while excise taxes from JTI jumped by over 73 percent to P38.8 billion

“However, it should be noted that JTI’s share for this period increased by 11.4 percentage points when compared to last year. This was due to JTI’s increased volume of 55.8 percent year-on-year, while PMFTC’s reported volume declined by 3.8 percent,” Habitan said.

JTI’s volume of removals grew to 777 million packs from January to July from 498 million packs during the same period last year.

On the other hand, PMFTC’s volume of removals slid by 33 million packs to 841 million packs, but taxes collected from the firm expanded due to the mandatory rate hike.

Habitan said the remaining P2.13-billion tax take from tobacco products came from the Associated Anglo American Tobacco Corp and Kenstand Philippines Inc.

Under President Duterte, the government started increasing taxes on smoking items through the approval of the Tax Reform for Acceleration and Inclusion Law. Bulk of the revenues generated from tobacco taxes are directed toward funding the universal health care program.

In 2019 the President enacted the Tobacco Tax Law that slapped a uniform rate of P45 per pack on cigarettes. The tax increased to P50 this year, will go up to P55 in 2022 and P60 in 2023, and will rise by five percent every year after.

The government plans to raise P2.88 trillion in revenues this year and expects to sustain a fiscal deficit of P1.85 trillion, or 9.3 percent of the economy.

Regulators were told to improve tax collection, including from sin products like cigarettes, to cut the budget shortfall to pre-pandemic levels within the next three years.

Internet Explorer Channel Network
News Related


Brands Hatch BTCC: Sutton closes out season with assertive Race 3 win

© Provided by Autosport Sutton-003 Sutton was drawn fourth on the reversed grid, but a slow start from Rory Butcher aided the progress of the Laser Tools Racing Infiniti Q50 ... Read more »

Bipartisan legislators demand answers from Fauci on alleged puppy experiments

The White Coat Waste Project report claimed that the researchers locked the dogs in cages with hungry sandflies so that the insects could eat them alive. Twitter Dr. Anthony Fauci ... Read more »

A pimp brought a 17-year-old to Miami for Super Bowl Week. He could get life in prison

A Connecticut pimp’s planned tour of major tourist and sporting events with two women and a 17-year-old girl ended with the first stop, January 2020 during Super Bowl Week in ... Read more »

Jodie Whittaker waves emotional goodbye to Doctor Who set amid extra pressure

© Getty Jodie Whittaker Jodie, who is bowing out after a three-year stint as the Doctor, explained: “We started filming late because of Covid. So it was a tentative time ... Read more »

Babar, Rizwan ease Pakistan to 10-wicket win over India

Babar Azam and Mohammad Rizwan scored fluent fifties after Shaheen Afridi starred with the new ball as Pakistan thumped India by 10 wickets to record their first World Cup win ... Read more »

Eternals film review: Lavish, ambitious, and right to take its time

I’ve yet to meet anyone who dislikes Chloé Zhao’s spartan, Oscar-winning epic, Nomadland. Her new movie will be more divisive. It’s a lavish, ambitious, Marvel superhero movie that starts with ... Read more »

Soccer-Mourinho sent off as Roma ends Napoli's winning start to season

ROME (Reuters) – AS Roma coach Jose Mourinho was sent off to the stands as his side ended Napoli’s winning start to the Serie A season following a 0-0 draw ... Read more »

Gerard Pique's surprise admission over Lionel Messi's Barcelona exit

Gerard Pique has made a surprising admission over Lionel Messi’s exit from Barcelona in August. The Argentine superstar ended his career-long association with the Catalan giants, who were unable to ... Read more »

Find out how Shahid Kapoor's wife Mira Rajput reinvented tradition on Karwa Chauth

© Provided by Pinkvilla Tonight, celebs in the tinsel town of Bollywood ringed in the Hindu festival of Karwa Chauth with much pomp and show. Every year, on this day, ... Read more »

Bigg Boss 15 written update: Karan Kundrra holds back tears as he apologises to Pratik Sehajpal

© Provided by Zee News New Delhi: During the second part of Bigg Boss 15 Weekend Ka Vaar, Salman Khan has a talk with the housemates on their relationships in ... Read more »

UK recovery windfall at risk from £50bn jump in debt payments

The public finances face a £50bn hit from climbing debt interest costs over the next five years as resurgent inflation threatens to wipe out the benefits of a rebounding economy. ... Read more »

GOP Senator: 'Best Thing' Trump Could Do to Help Party Win Majorities Is Focus on Future

Senator Roy Blunt, a Republican from Missouri, said Sunday that the 2020 election “was what it was” and that “best thing” former President Donald Trump could do to help the ... Read more »

Top Florida health official asked to leave meeting with lawmaker for refusing to wear mask

A top health official in Florida was asked to leave a meeting with a state senator after refusing to wear a mask after the lawmaker asked him to do so ... Read more »

TV producer bans use of real guns on set after Alec Baldwin tragedy

At least one TV producer says she won’t allow real guns to be used as props on his set anymore after the filming tragedy involving actor Alec Baldwin, while some ... Read more »

3 reasons why you should check out the Al Murabaa zone at Riyadh Season 2

© Motivate Publishing Al Murabaa Riyadh Season French Pastry Chef Pierre Hermé and plant-based food Chef Matthew Kenney to offer multi-course menus at Al Murabaa Riyadh Season… Riyadh Season 2 ... Read more »

Despite hybrid release, 'Dune' draws well on the big screen

1 / 3Film Review – DuneThis image released by Warner Bros. Pictures shows Timothee Chalamet, left, and Charlotte Rampling in a scene from “Dune.” (Warner Bros. Pictures via AP) NEW ... Read more »

Meghan and Harry won't return to UK due to ‘bad publicity'

© Provided by Evoke.ie Meghan Markle and Prince Harry shocked everyone when they announced the news that they were stepping down as senior royals and relocating to the United States. ... Read more »

Uri Geller 'cured' blind Harvey's sight with spoon bending trick, Katie Price reveals

Katie Price has revealed for the first time the moment famed psychic and illusionist Uri Geller ‘cured’ her blind son Harvey – by doing his famous spoon bending trick. In ... Read more »

TOTW 6 Predictions FIFA 22: Who's Getting in?

TOTW 6 predictions for FIFA 22 are coming in and it’s looking like a major improvement over last week’s disappointing squad. Team of the Week has been a point of ... Read more »

IMF economist expecting inflation pressure through mid-2022

Gita Gopinath, Chief Economist of the International Monetary Fund (IMF), said on Sunday that inflationary pressure will likely continue into the middle of next year. © Getty Images The International ... Read more »

3.6 magnitude earthquake hits Los Angeles area

A minor earthquake measuring at a 3.6 magnitude shook the Los Angeles area early Sunday morning, waking up a some residents. © Provided by NBC News The quake hit East ... Read more »

How to fish in Elyon

Fishing is a vital skill that players can utilize to generate gold in Eloyn. Additionally, they can also be disassembled and used as a resource for several purposes. In this ... Read more »

NFL DFS for Colts vs. 49ers: Top DraftKings, FanDuel daily Fantasy football picks for Sunday Night Football

A pair of two-win teams will meet on Sunday Night Football as the San Francisco 49ers (2-3) host the Indianapolis Colts (2-4). While 49ers quarterback Jimmy Garoppolo has been dealing with a ... Read more »

2 cops, soldier injured; Militant killed

Two policemen and a soldier were injured in a fresh exchange of fire in the forests of Poonch-Rajouri in Jammu and Kashmir, as the operation against terrorists holed up in ... Read more »

Heavy rains cause infra losses worth Rs 2,000 crore in Kumaon

Uttarakhand’s Kumaon region has estimated that it suffered Rs 2,000 crore of damages to its infrastructure in the recent heavy rains. Officials of different districts gave presentations to the central ... Read more »

Geek Review: Marvel's Eternals

© Provided by Geek Culture After Black Widow and Shang-Chi and the Legend of the Ten Rings, Marvel Studios continues its Phase 4 of the Marvel Cinematic Universe (MCU) with ... Read more »

Independent Sen. Angus King ‘not ready' to ditch filibuster

“I’m not really ready to say ‘Let’s get rid of it altogether’ because I think there are circumstances where it makes sense,” Sen. Angus King said about the filibuster. Patrick ... Read more »

Zach Wilson leaves Jets' game against Patriots with knee injury

It was the Jets’ worst fears realized, Zach Wilson on the ground in agonizing pain. The rookie quarterback took two big hits in the span of three plays in the ... Read more »

Home Minister Amit Shah exchanges numbers with local in border area of Jammu | Watch

Union Home Minister Amit Shah, who is on a three-day visit to Jammu and Kashmir, interacted with the locals living in the border areas of Jammu on Sunday. In a ... Read more »

Civilian killed in firing incident in Shopian

© Provided by The Times of India SRINAGAR: A civilian was killed in a firing incident near CRPF camp in Shopian district of Jammu and Kashmir on Sunday, officials said. ... Read more »

Farooq pitches for Indo-Pak dialogue for lasting peace in Jammu and Kashmir

© Provided by The Times of India JAMMU: Pitching for Indo-Pak dialogue, National Conference (NC) president Farooq Abdullah on Sunday reiterated that peace in the region will remain elusive unless ... Read more »

Authorities on the lookout for illegal firecrackers sale

© Provided by Hindustan Times On September 30, the Haryana State Pollution Control Board (HSPCB) issued an order prohibiting the sale and use of crackers in the National Capital Region. ... Read more »

Mohamed Salah stars as Manchester United humiliated by 5-star Liverpool

© Provided by Independent Online (IOL) Manchester – Liverpool inflicted a historic hammering on Manchester United as Mohamed Salah scored a hat-trick in a 5-0 win at Old Trafford on ... Read more »

J&K is land of temples, we won't allow peace to be disrupted, says Shah

© Provided by The Times of India JAMMU: Asserting that a new phase of development under the leadership of Prime Minister Narendra Modi has started in J&K while attempts are ... Read more »

Covid hotspots MAPPED as 7 areas record towering FOUR FIGURE case rates - latest

The rising coronavirus cases in the UK have sparked concern amongst the general public and the country’s most senior health experts, with maps showing the mounting crisis they face. The ... Read more »

Graeme Mulcahy stars as Kilmallock land Limerick hurling title against Patrickswell

© Laszlo Geczo INPHO Kilmallock players celebrate their win. Patrickswell 0-19 John Keogh reports from TUS Gaelic Grounds KILMALLOCK ARE LIMERICK senior hurling champions for a 12th time following an ... Read more »

Google worked with Facebook to undermine Apple's attempts to offer its users greater privacy protections, complaint alleges

© Daniel Leal Olivas/WPA/AP, Justin Sullivan/Getty Images, & Karl Mondon/Digital First Media/The Mercu… Facebook CEO Mark Zuckerberg, Google CEO Sundar Pichai, and Apple CEO Tim Cook. Daniel Leal Olivas/WPA/AP, Justin ... Read more »

Manchester United 0, Liverpool 5 - Match Recap: Marauding Reds Crush Northwest Rivals

© Photo by Alex Livesey – Danehouse/Getty Images Manchester United 0 – 5 Liverpool Liverpool: Salah 38’ 45+5’ 50’, Keita 5’, Jota 13’ Pre-Match It’s the Northwest Derby, and Liverpool ... Read more »

Light rain recorded, air quality may improve

© Provided by Hindustan Times The National Capital Region, mainly Delhi and Gurugram, received light rain on Sunday evening and is expected see better air quality due to favourable meteorological ... Read more »

Bajrang Dal Vandalises ‘Ashram 3' Sets in Bhopal, Says Web Series ‘Hurts Hindu Sentiments'; Ink Thrown at Prakash Jha

© Provided by News18 Bajrang Dal Vandalises ‘Ashram 3’ Sets in Bhopal, Says Web Series ‘Hurts Hindu Sentiments’; Ink Thrown at Prakash Jha A group of Bajrang Dal members went ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic