DoF urges passage of tobacco tax hikeshome/Business/Top Business/DoF urges passage of tobacco tax hikesThe Finance department is hopeful that Congress will approve new tobacco excise tax hikes as these will make cigarettes pricey enough to further discourage smoking, especially among teenagers. In a statement on Tuesday, the department quoted Finance Secretary Carlos Dominguez 3rd as having said: “There’s still the Senate. I was reading the summary of the testimonies, it’s overwhelmingly in favor of higher taxes for health reasons,” Dominguez said. In September, excise tax collections from tobacco companies reached P8.885 billion, a 136-percent decrease from the previous year’s P21.008 billion and well below the P21.019-billion target. Meanwhile, cigarette maker Philip Morris Fortune Tobacco Corp. (PMFTC) was firm on its opposition on further excise tax increase.

Source: Manila Times December 04, 2018 16:18 UTC