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MANILA – The Internal Revenue Office exceeded its collection of its special tobacco tax for the month of February after Japan Tobacco raised the payment by more than 100 percent, the finance department said on Monday.
Tobacco excise tax collection for February exceeded the target by 4.28 percent, reaching P17.57 billion in mid-month after Japan Tobacco International (JTI) paid P10.94 billion or “more than double “the amount it paid in January, the Finance Department said in a statement.
From January 1 to February 18, the collection of the tobacco consumption tax reached 29,100 million pesos or 73.53 percent more than the 16,770 million pesos collected in the same period last year, said the BIR Deputy Commissioner Arnel Guballa.
“Notably, we have a large increase in the collection of special tobacco taxes because JTI opened its plant in Lima, Batangas. So it is fully operational, that’s why they increased their production. That is why we also have a large tobacco collection for this month, sir, ”said Guballa during a meeting with the DOF.
JTI Philippines surpassed Philip Morris Fortune Tobacco Co as the top contributor to tobacco use for the period, the BIR said.
Mighty Corp previously sold its manufacturing and distribution assets to JTI Philippines.
Finance Secretary Carlos Domínguez previously expressed optimism that the BIR would exceed its target of P2.08 trillion this year.
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