DoF to ban online selling of sin products

THE Department of Finance (DoF) will ban the sale of sin products in online shopping platforms in a bid to prevent the proliferation of counterfeit items.

“We will move to ban online The Finance chief did not sales of cigarettes and liquor,” Finance elaborate. Secretary Carlos Dominguez Last month, the Bureau of Customs 3rd told reporters via Viber. (BoC) reported that it intercepted

The announcement came after P55 million worth of Dominguez was informed that a smuggled cigarettes on a motor certain online shopping app was launch bound for the Philippines. selling cigarettes at a discounted The operation was part of BoC’s price. Discounts range from 40 to 50 intensified campaign against percent of the suggested retail price. smuggling into the country.

The bureau recently scored big in raiding an illegal cigarette manufacturing warehouse in Naguilian, Isabela, suspected of making counterfeit cigarettes valued at P1 billion.

Latest data showed that excise tax collections from sin products sustained its fall in May, pulling down also the year-to-date tax take.

In May alone, actual collection of sin taxes was P11.91 billion, as compared to P20.87 billion in 2019, a drop of 43 percent.

The May figure dragged the year-to-date tally by 39 percent to P63.1 billion from the P102.71 billion collected during the first five months of 2019.

Earlier, Finance Undersecretary Gil Beltran said the government projected P13.2 billion worth of incremental revenues from sin products this year, lower than its previous estimate of P37.1 billion. Last year, collections reached P269.1 billion.

This is despite new levies on heated tobacco and vapor products, as well as higher taxes on alcohol and tobacco that were introduced this year.

In January, President Rodrigo Duterte signed into law Republic Act 11467, which further raised excise taxes on alcohol, heated tobacco and vapor products.