Excise taxes collected from sin products in January and February has hit P18.46 billion, which is 37.36 percent higher than the sin taxes collected in the same time last year, according to the Bureau of Internal Revenue (BIR).
Data released by the BIR and the Department of Finance (DOF) also indicated that excise tax collections in January and February exceeded the government’s target of P16.19 billion for the first two months of the year.
The P18.46 billion taxes collected in January and February were from tobacco products, which accounted for P10.86 billion of the total, as well as fermented liquors (P5.55 billion) and distilled spirits and compounded liquors (P2.06 billion).
In terms of volume, taxed tobacco products are increased by 32.91 percent to 400 million packs from 301.6 million packs in the same two months last year.
Fermented liquors also rose by 19.18 percent to 258.33 million liters from 216.76 million liters in January to February 2014, while distilled spirits also increased by 6.2 percent to 58.65 million proof liters from 55.22 million proof liters.
The BIR is targeting P2.025-trillion in revenue collection this year, which is 21 percent higher than the 2015 goal of P1.674 trillion.
Excise taxes are seen to be the third largest revenue source this year, following income taxes and value added taxes.