CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Filipino Revenues Up After Sin Tax Hikes

Filipino Revenues Up After Sin Tax Hikes

by Mary Swire, Tax-News.com, Hong Kong

22 December 2014


Filipino excise tax receipts from sales of tobacco and alcohol were up some 40 percent during the first nine months of 2014, compared with the same period in 2013. At PHP91.6bn (USD2bn) for the period, they came in some PHP27bn ahead of budget projects.

Tobacco receipts of PHP65bn were up 56.8 percent year-on-year and were almost twice the budget target. Alcohol excise tax receipts of just less than PHP27bn, meanwhile, were up just 11.8 percent.

The new statistics follow "sin tax" reforms that took effect at the beginning of 2013. The Bureau of Internal Revenue said the higher-than-expected collections mean that the Government is losing less revenue than expected through smuggling.

Under the nation's current plans, rates are to continue to rise until 2017, with the revenues being allocated to the country's universal healthcare coverage program.

TAGS: tax | public health | budget | Philippines | excise duty | tax rates | revenue statistics

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »