Finance Secretary Carlos Dominguez III said the criminal cases against local cigarette manufacturer Mighty Corp. will remain even if the government accepts its offer to settle its tax liabilities. The Finance Department is set to receive an initial payment of P3.5 billion from Mighty, representing a portion of its tax liabilities to the government. Dominguez also said accepting the offer of Mighty would mean raising more than P30 billion inclusive of VAT. The amount represents the deficiency excise taxes (P3.5 billion) and the internal revenue taxes of the company and its shareholders (P21.5 billion). Dominguez said the acceptance would not yet mean the department was agreeing to the company’s settlement offer.

Source: The Standard July 23, 2017 10:30 UTC