Revenue Regulation No. 16-2024 Updates Floor Prices, Warns of Criminal Liabilities
The Bureau of Internal Revenue (BIR) has issued a statement prohibiting the sale of vapor products, cigarettes, and heated tobacco products below the floor price set by the taxman, which results from combined excise and value-added taxes. Internal Revenue Commissioner Romeo Lumagui Jr. issued Revenue Regulation No. 16-2024 (RR No. 16-2024) to update the floor prices of these products.
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