Palace welcomes P40b tax settlement of Mighty Corp.
Malaca?ang on Saturday welcomed the P40-billion settlement of Mighty Corporation with the government, which is expected to fund the Duterte administration's infrastructure programs.
"Mighty Corporation, the country’s number two cigarette manufacturer, has entered into a P40-billion compromise settlement with the government regarding its tax liability," Presidential spokesperson Ernesto Abella said in a statement aired over Radio Pilipinas.
Abella said the tax settlement is the largest in Philippine history and will go a long way in funding the Duterte administration's infrastructure program.
The Palace official also stressed the Duterte administration will be relentless in its campaign against corruption and delinquent taxpayers, "haling violators to court, if necessary."
"As citizens cooperate, we build a comfortable life for all. Strong political will to benefit all, and not just a few, should be the trademark of the entire government," Abella said.
The Philippine Competition Commission (PCC) has approved the acquisition by Japan Tobacco (Philippines) Inc. (JTPI) of Mighty Corp. on August 29.
In the transaction, JTIP will own the sales & distribution network, manufacturing & equipment and inventories of Mighty Corp., while JT International SA (JTI SA), an affiliate of JTIP, will own the trademarks and associated intellectual property of Mighty Corp. and Wong Chu King Holdings Inc. DMS