Philippines: Mighty Welcomes Implementation of Cigarette Tax Stamps

Source from:  MST Business 09/18/2014

Filipino-owned cigarette producer Mighty Corp. said Wednesday it welcomes the early implementation of the Internal Revenue Stamp Integrated System designed to further improve the collection of tobacco tax.

"Our contingency is now fully activated to meet the smooth implementation of the IRSIS which we drew up as early as six months ago, in anticipation of its final approval by the Finance Department upon the recommendation of the BIR," retired regional court judge Oscar Barrientos, MC executive vice president and spokesman, said.

Barrientos said Mighty was ready to comply with the new BIR regulation, with some of their machines already equipped with stamp applicators.

The BIR recently released Revenue Regulation No. 7-2014, which imposes the affixture of Internal Revenue Stamps on imported and locally-manufactured cigarettes as well as the use of the IRSIS for the ordering, distribution and monitoring of tobacco manufacturers.

BIR Commissioner Kim Jacinto-Henares said all cigarette companies had until the end of this year to sell or pull out of retail shelves those unstamped packets produced before implementation.

All cigarettes, whether for domestic sale or export, shall be affixed with the new internal revenue stamps.

"This measure will strengthen our capacity to combat smuggling of tobacco products. We believe in implementing regulations with enough teeth to bite down on smugglers who are intent on depriving the nation of critical resources for greed and private gain," Henares said in a statement. Enditem