MANILA, Philippines -- Tobacco industry players are seeking a "reasonable" 2-centavo (P0.02) increase in the price of new cigarette tax stamps after the state-run printer APO Production Unit Inc. sought a bigger hike that would double its profit.
In a statement Sunday, Philippine Tobacco Institute (PTI) said it hopes to settle with APO and the Bureau of Internal Revenue (BIR) their concern on the proposal to jack up the cost of tax stamps by 8 centavos (P0.08) per stamp -- to 23 centavos (P0.23) from 15 centavos (P0.15) at present -- when they meet on Monday.
Internal revenue stamps were being affixed on tax-paid cigarette packs to ensure the collection of correct excise levy, but ...
Keep on reading: Tobacco industry wants only 2-centavo price hike in cigarette tax stamp
Keep on reading: Tobacco industry wants only 2-centavo price hike in cigarette tax stamp
