Philippines Seeks Feedback on Tax Stamps
December 7, 2015 Taxation in Philippines
MANILA – Alcohol manufacturers in the Philippines will soon need to affix bottles of spirits with tax stamps, but they are being offered an opportunity to comment on how such a requirement should work.
Over the weekend the Commissioner of the Philippines Bureau of Internal Revenue (BIR) Kim Jacinto-Hanares said that the tax authority will soon begin talks with alcohol manufacturers to establish new working procedures for a tax stamp system.
The government had previously planned to ensure that by the end of 2015 local manufacturers of spirits affix tax stamps during the manufacturing process in order to help fight smuggling and ensure that the national sin tax system proves effective.
However, the requirement for the tax stamps was delayed due opposition from the industry.
The BIR now hopes that the mutual talks with the alcohol industry will lead to the implementation of a stamping procedure which does not place any extra burdens on the alcohol industry, in order to ensure full compliance, cooperation and efficiency.
The tax stamps are currently used to indicate that all necessary taxes and duties have been paid on the product, and such a requirement for stamps has already been implemented and enacted for both imported and locally produced cigarettes.
Photo By: THOR