DOF clears BIR use of tobacco tax stamps to arrest smuggling
The Department of Finance (DOF) has cleared the implementation of tax stamps on cigarettes in a bid to minimize smuggling. In a statement, DOF said it approved the Bureau of Internal Revenue’s (BIR) revenue regulation seeking to affix tax stamps on both imported and locally-manufactured tobacco products. “This measure will strengthen our capacity to combat smuggling of tobacco products. We believe in implementing regulations with enough teeth to bite down on smugglers who are intent on depriving the nation of critical resources for greed and private gain,” said BIR chief Kim Jacinto-Henares. BIR will prescribe the Internal Revenue Stamp System (IRSIS) for the ordering, distribution, and monitoring of cigarettes.
Related Posts
Spurious ghee worth Rs 1 cr seized.
CUTTACK: The Millennium City has turned into a hub of food adulteration with 15...
Currency, gold seized at airport
Kochi: Customs officials at Cochin International Airport Ltd (Cial) seized Indian...
UP: Liquor worth Rs 1 crore seized, six men arrested for smuggling it to Bihar.
AGRA: A gang involved in liquor smuggling to Bihar was busted by Sadar police of...
Turkey 2nd in world for counterfeit product volume, report
The total volume of counterfeit or pirated products in the Turkish market is...