‘Sin’ tax collections down in September
EXCISE tax collections from so-called sin products decreased to P14.518 billion in September from P25.957 billion a year ago, according to the Department of Finance (DoF).
Data from the department showed that the current amount is 44-percent lower that last year’s, and fell short of the P25.580-billion goal for the month.
Year-to-date collections rose to P150.246 billion from P138.822 billion, surpassing its traget of about P135.70 billion.
Tobacco companies contributed P8.885 billion, a 136-percent decrease from year-ago’s P21.008 billion. The amount missed the P21.019-billion collection target for the sector.
Year-to-date, collections from these firms rose to P106.890 billion, exceeding the P96.009-billion target.
Taxes collected from alcohol sales ballooned by 13 percent to P5.633 billionfrom last year’s P4.949 billion, besting the P4.561-billion goal target by 23 percent.
Year-to-date collections in this sector soared to P49.356 billion, beating the P39.692-billion target.
The reduction in collections can be blamed on base effects because a sizeable collection from Japan Tobacco Inc.’s acquisition of Mighty Corp. boosted revenues from tobacco products last year, the DoF said.
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