Mighty Corp asset sale needs PCC nod

THE government may collect payment of Mighty Corp.’s tax liabilities after the Philippine Competition Commission (PCC) approves the sale of the cigarette maker’s assets to JT International Philippines (JTI), Finance Secretary Carlos Dominguez 3rd said.

“This will be the largest sum of taxes collected ever from a single taxpayer in Philippine history. The date of full collection will depend on how fast the Philippine Competition Commission approves the sale of Mighty’s assets to the Japan Tobacco International whose largest shareholder, incidentally, is the Japanese government, Dominguez said in a speech at the Davao Investment Conference in Lanang SMX Convention Center in Davao City over the weekend. This was before Duterte accepted on Monday the tax settlement offer made earlier by Mighty.