DOF: Gov’t losing P52 billion from tobacco, vape smuggling annually

Lost revenues from tobacco and vape smuggling amount to P52 billion annually, the Department of Finance (DOF) said on Thursday.

“We’re losing P35 billion in tobacco and the vape would probably be about P17 billion,” Finance Secretary Ralph Recto said during the Senate interpellation on the department's proposed 2025 budget.

This was later put on record by Senator Grace Poe, who is the sponsor of the budget.

Poe said tobacco and vape products importers should first register at the Bureau of Internal Revenues (BIR).

She added that the approval seal would be put on the tobacco and vape products before shipping to the Philippines.

The Bureau of Customs earlier reported that over P1 billion worth of tobacco and vape products were seized from January to August 2024.

Aside from confiscating smuggled tobacco and vape products, Recto said the DOF aims to propose amendments to the country’s vape law to remove the distinction of vape products for a uniform tax rate. — BM, GMA Integrated News