BIR: 59% Drop in Cigarette Tax Stamps Due to Lockdown

The Bureau of Internal Revenue saw a record double-digit drop in the issuance of tax stamps for cigarettes from March to June this year due to coronavirus lockdown measures in place during the period, according to the Department of Finance.

The DOF said the BIR released 537 million cigarette tax stamps worth 18.88 billion pesos during four months of community quarantine imposed by the national government.

This was a whopping 59% lower than the 1.32 billion tax stamps valued at 59.5 billion pesos it issued during the same period last year.

When Metro Manila and several other areas in the country shifted to the more relaxed general community quarantine in June, the DOF said the BIR saw a drastic improvement with 264.6 million tax stamps worth 9.3 billion pesos released.

Compared to the June 2019 volume, the DOF said the June 2020 volume is lower by 24.9 million or 8.6%.

Source: https://www.gmanetwork.com/news/money/economy/750834/bir-saw-59-drop-in-cigarette-tax-stamps-issuance-due-to-lockdown-dof/story/

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