Tag: tobacco
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Illegal tobacco trade eating government revenues away — BIR
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THE Philippine government lost P25.5 billion in taxes from tobacco smuggling last year, according to the Bureau of Internal Revenue (BIR), as it sought to intensify its enforcement of tax compliance on the tobacco industry.
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Banking, tobacco units lift LT Group’s profit to P6.42 billion in first quarter
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LUCIO C. Tan’s LT Group, Inc. reported a 1% increase in its first-quarter attributable net income to P6.42 billion, driven by its banking and tobacco units. Philippine National Bank (PNB) took up 46% or P2.97 billion of the total first-quarter income, while the tobacco business shared 41% or P2.65 billion, LT Group said…