Today Friday, 18th June 2021
Finance and Fitness Today

Your latest news, ideas, strategies. Keep up to date with all the latest information.

Heath Tips

  • In enim justo, rhoncus ut, imperdiet a
  • Fringilla vel, aliquet nec, vulputateDonec pede justo,  eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo.Nullam dictum felis eu pede mollis pretium.

Recent posts

BIR preparing charges against tax stamp counterfeiters in P544-million case

BIR preparing charges against tax stamp counterfeiters in P544-million case

THE Bureau of Internal Revenue (BIR) said it will file criminal charges against tax stamp counterfeiters and review the deficiencies in tax payments by those using them in a Bacolod City case involving fakes claiming the payment P544 million worth of tax on cigarettes.

The BIR seized 15 million tax stamps on May 4 after raiding a warehouse and searching three trucks in Barangay Tangub, Bacolod City. The authorities also seized packaging materials used in cigarette production.

“The BIR (regional) office will file… the necessary criminal cases and the assessment of deficiency taxes on this,” BIR Deputy Commissioner Arnel SD. Guballa said in a statement.

Internal revenue stamps are affixed to cigarette packs at the place of manufacture to indicate that the correct excise taxes were paid. Counterfeit, recycled or altered stamps mean lost revenue for the government.

The National Internal Revenue Code prohibits the unauthorized production, import, sale and use of tax stamps, reusing previously affixed stamps and producing fake or altered stamps.

The penalties for such violations include a fine of between P10 million and P500 million and imprisonment of 5-8 years.

Fake tax stamps with a value exceeding P50 million render the violator liable to a fine of P500 million and 10-15 years’ imprisonment. — Beatrice M. Laforga

Related Posts

Read also x