MANILA, Philippines - Excise tax collections from tobacco and alcoholic products continued to exceed government targets in the first six months of 2014.
Data from the Bureau of Internal Revenue (BIR) showed collection from the so-called "sin" taxes stood at P45.99 billion in the January to June period, 31.6 percent higher than the target of P34.95 billion.
The sin tax revenues as of end-June 2014 was also 30 percent higher than the P35.46 billion collection during the same period last year.
BIR chief Kim Henares said without the new excise tax, revenues from sin products would only have grown 2.2 percent in the first half of 2014 from P26.9 billion.
This amid allegations that tobacco manufacturer Mighty Corp. is under-declaring their cigarette production, which allow it to sell cigarettes at a much lower price.
Mighty has denied these allegations.