BIR banks on vape tax take for narrow collections gap

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.

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Article Details

Author / Journalist: Reine Juvierre S. Alberto

Category: BusinessStartups

Markets: Philippines

Topics: Lumagui Billion Vape Internal Collections Products Revenue Stamps Retailers Bir’s Excise

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 16:07:00 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 406 words

Reading Time: 3 minutes read

Sentences: 10 lines

Sentence Length: 41 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23449939

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