The Bureau of Internal Revenue (BIR) reported that the total tax liability from confiscated illicit cigarettes and vape products this year has exceeded PHP7 billion.
Over 500,000 packs of cigarettes and 170,000 vape products were seized, reflecting nationwide raids as part of President Ferdinand R. Marcos Jr.’s efforts against illicit trade.
The BIR has also mandated that all vape products sold locally must bear internal revenue stamps starting June 1.
Vape importers and manufacturers have been able to order these stamps since May 8, with unstamped products presumed to have unpaid excise tax.
BIR Commissioner Romeo Lumagui warned that failure to comply will result in product seizures and criminal charges.
Source: PhilNews24 | June 21, 2024
