Filipino-owned cigarette
producer Mighty Corp. yesterday welcomed the early implementation of the
Internal Revenue Stamp Integrated System (IRSIS) designed to further improve
the collection of tobacco tax.
“Our contingency is now fully activated to meet the smooth implementation of the IRSIS which we drew up as early as six months ago in anticipation of its final approval by the finance department upon the recommendation of the BIR,” retired regional court judge Oscar P. Barrientos, MC executive vice president and spokesman, said.
Barrientos said Mighty is ready to comply with the new BIR regulation saying that some of their machines are equipped with stamp applicators.
The BIR has just released Revenue Regulation 7-2014 which imposes the affixture of Internal Revenue Stamps on imported and locally-manufactured cigarettes as well as the use of the IRSIS for the ordering, distribution and monitoring of tobacco manufacturers.
According to BIR chief Kim Jacinto-Henares, all cigarette companies have until the end of this year to sell or pull out of retail shelves those unstamped packets produced before implementation.
All cigarettes whether for domestic sale or export shall be affixed with the new internal revenue stamps.
“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,” Henares said.
“Our contingency is now fully activated to meet the smooth implementation of the IRSIS which we drew up as early as six months ago in anticipation of its final approval by the finance department upon the recommendation of the BIR,” retired regional court judge Oscar P. Barrientos, MC executive vice president and spokesman, said.
Barrientos said Mighty is ready to comply with the new BIR regulation saying that some of their machines are equipped with stamp applicators.
The BIR has just released Revenue Regulation 7-2014 which imposes the affixture of Internal Revenue Stamps on imported and locally-manufactured cigarettes as well as the use of the IRSIS for the ordering, distribution and monitoring of tobacco manufacturers.
According to BIR chief Kim Jacinto-Henares, all cigarette companies have until the end of this year to sell or pull out of retail shelves those unstamped packets produced before implementation.
All cigarettes whether for domestic sale or export shall be affixed with the new internal revenue stamps.
“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,” Henares said.
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