Trade association Philippine Tobacco Institute (PTI) has denounced the planned increase in the printing cost of cigarette tax stamps. “In view of the foregoing, we believe that the 8 centavos printing cost increase from the current 15 centavos per internal revenue stamp to the proposed 23 centavos is unconscionable and excessive. We wish to emphasize that the intent for the internal revenue stamp is to ensure the collection of excise taxes. APO should not opportunistically use such requirement to collect internal revenue stamp printing cost with a target of more than 102-percent net profit of its actual cost,” PTI wrote. Furthermore, the group said APO should not implement any increase without the BIR issuing first a revenue regulation to adjust the price.

Source: Manila Times March 29, 2021 16:28 UTC