BIR banks on vape tax take for narrow collections gap

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The story "BIR banks on vape tax take for narrow collections gap" was covered 2 weeks ago by Business Mirror, a news publisher based in Philippines.

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BIR banks on vape tax take for narrow collections gap - Business Mirror

Quick Summary:

WITH tax collections from vape products reaching P1 billion, further compliance of the rapidly expanding vape retail industry could further narrow the gap in excise tax collections.

Lumagui also expects the BIR’s collection to grow in the following years on the back of its efforts in digitalizing its processes to improve tax administration.

Meanwhile, the BIR reported last Wednesday the agency’s crackdown on perpetrators of the illegal vape trade resulted to identifying 506 illicit retailers as of end-October 2024.