SENATOR Sherwin T. Gatchalian goaded the government to address illicit trade in order to generate higher revenue collection and provide some relief for its limited fiscal space. “The government needs to come up with a novel plan to address illicit trade,” Gatchalian told the executive department’s economic team during a…
SENATOR Sherwin T. Gatchalian goaded the government to address illicit trade in order to generate higher revenue collection and provide some relief for its limited fiscal space.
In the case of the tobacco industry for instance, Euromonitor International Plc data provided by Philip Morris International Inc. showed that cigarettes sold from illicit trade have been steadily increasing from 10.8 percent in 2018 to 16.7 percent in 2022. This figure is projected to further rise this year to 18.5 percent or equivalent to P30 billion.
“When we increase taxes, we are penalizing those who are paying taxes,” the senator noted, voicing concerns that “we have to address illicit trade or it will be very hard to justify new taxes because some people are making P30 billion a year from illicit trade.” The senator then asked the administration’s economic team: “How are we addressing illicit trade? What type of enforcement are we doing to curb illicit trade in the different products that we have imposed taxes on?”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sen. Gatchalian urges administration to go after illicit traders to raise more revenuesSenator Sherwin Gatchalian has urged the Marcos administration to go after unscrupulous traders to generate higher revenue collection. “The government
Read more »
Gatchalian bill bats for vaccine, virology hubSenator Win Gatchalian has renewed his push to create a virology and vaccine institute in the Philippines, citing the decline of unvaccinated
Read more »
PBBM says rice supply ‘most critical problem’; Senator blames DA, NFAPresident Ferdinand Marcos, Jr. on Friday said the country’s rice supply was the 'most critical problem' as his administration continues
Read more »
Advocacy group holds seminars on breastfeeding, child healthSenator Pia Cayetano’s advocacy group, Team Pinay In Action (PIA), has initiated two breastfeeding seminars in Quezon City. The activities
Read more »
Bong Go pushes for interventions to protect consumers versus fake productsSenator Christopher 'Bong' Go expressed his concern over the unchecked proliferation of fake products in the market, emphasizing the grave socio-economic consequences it may bring. Go, member of the Senate Committee on Trade, called upon the Department of Trade and Industry (DTI) and other agencies to ensure full implementation of…
Read more »
Gordon hopes Ombudsman would ‘cast wider net’ in Pharmally probeFormer Senator Richard Gordon on Friday expressed hope that the Office of the Ombudsman would “cast a wider net,” and that all major players of the Pharmally “high crime” would be charged as well. While describing the Ombudsman’s move a “welcome development,” Gordon, who led the Pharmally investigation as then…
Read more »