Sin tax collections up 25.96% January-November
MANILA, Philippines – Government revenue from sin taxes, or taxes collected on cigarettes and alcohol, continued to rise in 2015.
Collections from cigarettes, fermented liquors, spirits and wine rose by 25.96% to P123.641 billion $2.629 billion) from January to November, compared to the same period last year.
For the month of November alone, the increase totaled P16.298 billion ($346.6 million), an improvement of 39.58%, according to data released by the Bureau of Internal Revenue (BIR) on Tuesday, December 29.
Wine was the biggest gainer among “sin products" in November as taxes collected on the product jumped by 64.97%. The volume of wine taxed also rose by 58.62%, with a total 338,554 liters collected for November.
During the 11-month period, the volume of wine taxed increased by 33.9% with a total of 1,205,868 liters taxed.
Despite the increase in volume of wine taxed so far in 2015, the amount collected actually decreased by 0.53% for the 11-month period.
Wine also remains the smallest category of the 4 sin products in terms of revenue collected.
Cigarettes are still the biggest earner for the government. The amount collected on cigarette packs rose 54.52% in November, and 33.22% from January to November, both compared to 2014 totals. – Rappler.com
$1 = P 47.02