Mighty tax payments quadruple to P20B after JTI sale
This is what happens when the owners are honest about taxes.
Mighty Corporation paid a total of P20.2 billion in sin taxes between September to December 2017, nearly four times the P5.57 billion they paid during the same four months in 2016, the Department of Finance (DOF) said.
The agency attributes the increase to the take over of Japan Tobacco, Inc. which bought the embattled cigarette manufacturer after it was caught cheating excise taxes.
This surge allowed the Bureau of Internal Revenue to grow their tax collections by 26.7 percent to reach P71.24 billion over the “Ber” months.
DOF Secretary Carlos Dominguez III said this might also be due to the frontloading of stocks ahead of the higher excise taxes on cigarettes and alcohol come 2018. Still, it meant huge gains for government funds.