BIR confident it can hit P33.5B collection goal for sin tax
MANILA, Philippines - Bureau of Internal Revenue Commissioner Kim Jacinto-Henares said she has yet to receive a copy of the petition filed before a Manila court that questioned the new sin tax law's implementing rules.
But Henares said she's confident the government could raise P33.5 billion from higher taxes on cigarettes and alcohol this year.
That's also despite reports retailers have frontloaded inventories and raised prices before January 1 when the new sin tax law took effect.
Henares said the P33.5 billion revenue target from sin tax alone already took into account those scenarios that could lower collection.
"I’m projecting P33.5 billion and I'm in the mood for the P33.5 billion collection. We’ve already considered all possible scenarios including frontloading, hoarding and decrease in volume," she said.
The sin tax reform law took effect on January 1. - ANC