Sin tax revenues hit P23-B in Jan-April


Posted at Jun 03 2014 04:43 PM | Updated as of Jun 04 2014 12:43 AM

MANILA, Philippines – Excise tax collection from tobacco and alcoholic beverages, or "sin" products, exceeded the government’s target for the first four months of the year, data from the Bureau of Internal Revenue (BIR) showed.

Sin tax revenues hit P23.02 billion at end-April, higher by 6 percent against the P21.74 billion target for the period.

Excise tax revenues from cigarettes reached P11.34 billion, exceeding the target of P10.85 billion by 4.5 percent.

Revenue collections from alcoholic beverages, meanwhile, hit P11.68 billion, higher by 4 percent than the P10.89 billion target for the period.

The government generated P51.4 billion in fresh revenues from the implementation of Republic Act 10351 or Sin Tax Reform Act of 2012, surpassing the target of P34.1 billion in its first year of implementation.

For 2014, the government is targeting a 22 percent increase in total excise tax collections from tobacco products and alcoholic drinks to P104.79 billion.