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Mighty Corporation Settles Tax Dispute With Filipino Government

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

27 July 2017


President of the Philippines Rodrigo Duterte revealed during his recent State of the Nation address that tobacco firm Mighty Corporation had agreed to settle three cases of tax evasion with the Filipino government.

Duterte stated that he had directed the Department of Finance and the Bureau of Internal Revenue to accept the firm's settlement offer of PHP25bn (USD494.9m), which is to be financed by the sale of the company to Japan Tobacco International Philippines.

Part of the proceeds from the settlement, which the President described as a "windfall," will be used to rebuild infrastructure in the cities of Marawi and Ormoc, which have received significant damage as a result of fighting between government and ISIS forces and an earthquake, respectively.

TAGS: compliance | tax | tax compliance | Philippines | Tax | Tax Evasion

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