Pres. Duterte Accept the P25-Billion Tax Settlement, the Biggest on Record, from Mighty Corp.


Pres. Rody Duterte revealed during his second State of the Nation Address on Monday that the national government will accept the P25 billion tax settlement of cigarette manufacturer Mighty Corporation.


The President of the Republic was quoted as saying "I have directed the Department of Finance and the BIR (Bureau of Internal Revenu) to accept Mighty Corporation's offer of P25 billion to settle its tax liability," Pres. Duterte said.

The offer of Mighty includes the deficiency excise taxes and internal revenue taxes of the company and its shareholders. Mighty Corporation is already facing multiple raps for tax evasion.


Pres. Rody Duterte also revealed that after the settlement, Mighty will no longer have to engage in the tobacco business and the P25-billion tax settlement is now considered as the biggest settlement on record in the Philippines.

The President also noted during his SONA speech that the said amount to be paid by Mighty may be used to cover the cost for the rehabilitation of strife-torn Marawi City and quake-hit Ormoc City.

Although Mighty already paid for their tax liabilities through the P20 billion settlement with the government it will no "preclude all [of Mighty's] criminal charges ... and that the BIR may decide to fight.

Pres. Duterte added further that "The settlement will allow the government to avoid a long battle that, as we saw in the previous year, would take years to resolve," he added.

Source: GMA News


Pres. Duterte Accept the P25-Billion Tax Settlement, the Biggest on Record, from Mighty Corp. Pres. Duterte Accept the P25-Billion Tax Settlement, the Biggest on Record, from Mighty Corp. Reviewed by PhilNews XYZ on 7/25/2017 Rating: 5

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