The Bureau of Internal Revenue (BIR) will start collecting a 20-percent excise tax on perfumes and toilet water (eau de toilette) as the bureau seeks to boost revenues by reducing the state’s shortfall in its excise taxes. Know more:
The Bureau of Internal Revenue will start collecting a 20-percent excise tax on perfumes and toilet water as the bureau seeks to boost revenues by reducing the state’s shortfall in its excise taxes.
“Pursuant to the provisions of Section 244, in relation to Section 245, of the National Internal Revenue Code of 1997, as amended, these regulations are hereby promulgated to implement Section 150, Title VI of the same Code, imposing excise tax on perfumes and toilet waters,” the BIR said in the document that was posted on its website recently.
The BIR pointed out that the local manufacturers of perfumes and toilet waters should shoulder the excise tax while the importers and owners of imported perfumes and toilet waters must pay the excise taxes to the BOC. Lumagui earlier disclosed that the BIR is doing its best to slash its shortfall in excise tax collections, which he estimated is around 20 percent of the total target.
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