Kim Henares News
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Philippine President Benigno Aquino defeated the Catholic Church and the tobacco lobby by using his popularity to push through twin laws to provide free condoms to the poor and boost taxes on cigarette and liquor.
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The Philippines must pass a law increasing the excise levy on liquor and tobacco, or sin tax, to meet its goal of winning an investment-grade rating in four years, Tax Commissioner Kim Henares said.
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Philippine bonds rose after the Senate approved a bill to increase excise taxes on tobacco and liquor, a move that officials said will boost revenue and the chances of winning an investment-grade rating.
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Philippine billionaire Lucio Tan’s venture with Philip Morris International Inc. said taxes on cigarettes should be gradually increased to avoid hurting the nation’s $2.1 billion tobacco industry.
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The Philippines’ Bureau of Internal Revenue missed its August collection goal, Commissioner Kim Henares told reporters in Manila today, without elaborating.
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Philippine President Benigno Aquino can fulfill a pledge to boost annual government revenue by 150 billion pesos ($3.2 billion) as officials go after tax cheats, corrupt agents and smugglers, his internal revenue chief said.
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Philippine President Benigno Aquino can fulfill a pledge to boost annual government revenue by 150 billion pesos ($3.2 billion) as officials go after tax cheats, corrupt agents and smugglers, his internal revenue chief said.
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The Philippines is turning to Facebook and Twitter in its campaign to track down tax cheats and meet President Benigno Aquino ’s pledge to boost revenue, several finance officials said today.
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The Philippines may raise an additional 2.3 billion pesos to 3.3 billion pesos annually by collecting value-added tax on toll roads starting Oct. 1, Bureau of Internal Revenue Commissioner Kim Henares said.
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Philippine Tax Commissioner Kim Henares said a 2004 Bureau of Internal Revenue ruling “superseded” a 2001 decision that so-called PEACe bonds sold then were subject to regular income tax and not the 20 percent final tax.
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