Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

BIR confiscates illicit cigarettes

by
October 7, 2024
in Top News
0
BIR confiscates illicit cigarettes
0
SHARES
22
VIEWS
Share on FacebookShare on Twitter
SHAUN MEINTJES-UNSPLASH

THE Bureau of Internal Revenue (BIR) on Monday said it has seized illicit cigarettes worth P8.06 billion in foregone taxes following a raid in Pampanga.

In a statement, the agency said the illegal cigarettes were found after four large-scale manufacturers were raided in Clark, Pampanga.

“A total of P8.06 billion in tax liability has been initially computed by the BIR, due to its discovery of illicit cigarettes and unregistered machines,” the bureau said in a statement.

In terms of tax liability, this has been the largest raid conducted by the agency since 2022.

The manufacturers raided in Clark are being investigated for violation of the National Internal Revenue Code, particularly for the unlawful possession or removal of articles subject to excise tax, among others.

Last month, the bureau also caught illicit cigarettes with P838 million in tax liabilities found in warehouses in Quezon City and Caloocan. In August, the BIR also seized around 5,385 illicit vape products in a festival in Las Piñas.

“The BIR will continue to strengthen its efforts against illicit cigarette trade, wherever it is located,” BIR Commissioner Romeo D. Lumagui, Jr. was quoted as saying.

To catch the revenues from excisable products like tobacco products, the agency said it will target both small- and large-scale manufacturers of illegal cigarettes, Mr. Lumagui noted.

Beginning June 1, the agency mandated that all vape products sold in the country be marked with revenue stamps to signify tax compliance.

The BIR is aims to collect P152.4 billion in excise tax from tobacco products this year. — Beatriz Marie D. Cruz

ShareTweetPin

Related Posts

Marriott, Flutter, Coca-Cola among stocks poised to gain from FIFA World Cup 2026
Top News

Marriott, Flutter, Coca-Cola among stocks poised to gain from FIFA World Cup 2026

June 11, 2026
FTSE 100 edges higher as investors balance financial recovery and AI risks
Top News

FTSE 100 edges higher as investors balance financial recovery and AI risks

June 11, 2026
SAP stock tumbles 3%: why Oracle’s AI capex surge is hitting software shares
Top News

SAP stock tumbles 3%: why Oracle’s AI capex surge is hitting software shares

June 11, 2026
Dow futures surge 370 points: 5 things to know before market opens
Top News

Dow futures surge 370 points: 5 things to know before market opens

June 11, 2026
Why Claude Mythos Preview is a wake-up call for Wall Street
Top News

Why Claude Mythos Preview is a wake-up call for Wall Street

June 11, 2026
SpaceX IPO’s valuation battle has bulls aiming share at $165 while bears see $63
Top News

SpaceX IPO’s valuation battle has bulls aiming share at $165 while bears see $63

June 11, 2026
Next Post
Milk feeding program transfer eyed

Milk feeding program transfer eyed

Recommended

Marcos vetoes P194-B items in budget

Marcos vetoes P194-B items in budget

December 30, 2024
Master Multi-Timeframe Analysis to Find Winning Trades!

Master Multi-Timeframe Analysis to Find Winning Trades!

March 27, 2025
Petron lists P16.8B worth of shares on PSE

Petron lists P16.8B worth of shares on PSE

September 23, 2024
Yields on central bank’s term deposits inch down

Yields on central bank’s term deposits inch down

December 11, 2024
The challenging digital world of children: Ako Para Sa Bata 2024

The challenging digital world of children: Ako Para Sa Bata 2024

October 24, 2024
All Current BMW Models Offer In-Vehicle Payment for Parking Fees and Fuel: A Convenient and Safe Option

All Current BMW Models Offer In-Vehicle Payment for Parking Fees and Fuel: A Convenient and Safe Option

September 3, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Central bankers grow nervous about AI funding

    Central bankers grow nervous about AI funding

    June 30, 2026
    Honeywell Aerospace makes strong debut after spinoff

    Honeywell Aerospace makes strong debut after spinoff

    June 30, 2026
    Hotel prices have actually fallen in these major cities

    Hotel prices have actually fallen in these major cities

    June 30, 2026
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2026 investdailypro.com | All Rights Reserved

    No Result
    View All Result
    • Home
    • Privacy Policy
    • Terms & Conditions
    • Thank you

    Copyright © 2026 investdailypro.com | All Rights Reserved