Mighty muddle
Photo by erikaow
After accusing Mighty Corp. of tax evasion over the alleged use of fake tax stamps, the government finds itself in a position where it is unable to cope with orders for such stamps from Mighty’s new owner, the Japan Tobacco Group, according to a story in The Philippine Star quoting ‘sources’.
JTI Philippines is facing this stumbling block just weeks after completing its P45-billion buyout of the Bulacan-based cigarette company because it has been unable to obtain enough cigarette tax stamps from the APO Production Unit, which is in charge of the supply and delivery of tax stamps.
During the past two weeks, JTI is thought to have paid P6 billion to acquire roughly 180 million cigarette tax stamps but has received only 25 million.
Without tax stamps, JTI would not be able to sell its cigarettes.
