Liquor ban and suspension of cigarette manufacturing have nearly flattened the national government’s sin tax collections last April, data from the Department of Finance (DOF) revealed.
Based on the DOF data, excise tax collections from tobacco products and alcoholic beverages amounted to only around P200 million in April, down by 99.1 percent compared with P18.1 billion in the same month last year.
From cigarette taxes, April collections declined by 98.9 percent to roughly P100 million from P12.4 billion in the previous year. Excise tax collections from alcohol also decreased by 99.6 percent in April to only P20 million from P5.7 billion last year. Taxes paid by makers of fermented liquors and distilled spirits declined by 99.9 percent and 98.6 percent, respectively.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Budget gap balloons in April as gov't spends more, collects less taxes due to pandemicThe budget shortfall swelled in April as the government poured more funds into COVID-19 response and saw tax collections drop after many businesses went on lockdown, latest data showed.
Read more »
Budget gap balloons in April as gov't spends more, collects less taxes due to pandemicThe budget shortfall swelled in April as the government poured more funds into COVID-19 response and saw tax collections drop after many businesses went on lockdown, latest data showed.
Read more »
P50M NOAH Complex almost complete – GuardoThe establishment of a P50 million quarantine facility at the South Road Properties (SRP) is now ongoing and is expected to be complete in the next two weeks.
Read more »
Road user’s tax hike pushedThe motor vehicle user’s charge (MVUC)—whose proposed higher rate has been pending approval in the Senate—is needed to build and maintain more roads in the Philippines, the state-run think
Read more »
Finance department seeks immediate passage of CREATE billWith just a few session days left in the legislative calendar, the Department of Finance seeks swift passage of the Corporate Recovery and Tax Incentives for Enterprises Act, otherwise known as the CREATE Act
Read more »
Hawaii’s jobless rate jumps to 22.3% amid pandemicHONOLULU — Hawaii’s seasonally adjusted unemployment rate jumped to 22.3% in April, up from just 2.4% the previous month, as hotels, restaurants and retailers closed amid efforts to curb the
Read more »