Sin Tax Collection In January-February 2016 Exceeds Target, BIR Says

The excise tax collection from sin products like cigarettes and alcohol, for January to February 2016 amounted to P18.46 billion exceeding the P16.19 billion target.

The Bureau of Internal Revenue on Tuesday said sin tax collections in January to February exceeded the target by 14.05 percent.

The BIR added that the sin tax collection also exceeded by 37.36 percent the P13.44 billion collected over the same period last year.

In the first two months of the year, tobacco products accounted for P10.86 billion of sin taxes, fermented liquors for P5.55 billion, and distilled spirits and compounded liquors for P2.06 billion.

In volume terms, cigarette makers churned out 400.858 million cigarette packs, and producers of alcoholic beverages made 258.325 million liters of fermented liquors and 58.650 proof liters of distilled spirits. (BIR/PIA)