Metro Manila (CNN Philippines, February 28) – Tobacco excise tax revenues have more than doubled, exceeding the Bureau of Internal Revenue's February target.
The BIR cited preliminary data for February 1 to 18 and said that tax revenues from tobacco had increased by 110% from 8.37 billion euros in the previous year to 17.57 billion euros.
The collection target has already been exceeded by 4.28% after Japan Tobacco International (JTI) Philippines Inc. paid taxes of 10.94 billion, 108% more than last month's 5.25 billion. .
According to BIR, JTI Philippines overtook Philip Morris Fortune Tobacco Co. as the top taxpayer for tobacco excise duties, as its remittance accounted for 63% of the total collection during the reporting period.
This is when the company began expanding its operations after opening its plant in Lima, Batangas, BIR Deputy Commissioner Arnel Guballa said in the statement.
"So it's in full operation, that's why they increased their production. That's why we have a whole collection of tobacco for this month," Guballa was quoted in his report to Finance Minister Carlos Dominguez III.
From January 1 to February 18, the tobacco consumption tax was already raised to 29.1 billion, according to the BIR official.
READ: Dominguez sees BIR exceed target of 2021 tax levies
The CFO was previously optimistic that the BIR could exceed its target of 2.08 trillion euros for 2021, 6% more than the 2020 total collections of 1.95 trillion euros, which will help boost the government's fund against COVID- 19 strengthen.