Mighty tax payments triple after JTI buyout
They’re not cheating sin taxes anymore.
Tax collections from Mighty Corporation soared to P6.2 billion from September-October, following the acquisition of Japan Tobacco Inc. (JTI). This comes from a measly P2.071 billion collected from Mighty during the same period in 2016.
JTI bought Mighty for P46.8 billion with P25 billion used to pay a tax settlement to the Philippine government after the Department of Finance caught the Bulacan-based cigarette manufacturer cheating by way of fake tax stamps.
Dominguez now expects monthly taxes from Mighty at P3.1 billion, eadily a third of the total cigarette tax collections.