Manila, April 8 -- Finance Secretary Carlos Dominguez III has directed the Bureau of Internal Revenue (BIR) to work closely with the Department of Trade and Industry (DTI) in curbing a new scheme perpetrated by illicit tobacco traders involving their suspected use of recycled tax stamps on fake cigarettes, the Department of Finance (DOF) revealed in a statement on Monday.
During a recent DOF executive committee (Execom) meeting, BIR officials said they found out that some enterprising entities have come up with a promotional scheme in which tax stamps on sold cigarette packs could be exchanged for a can of sardines or a pack of noodles.
Dominguez told the BIR to coordinate with the DTI in stopping this so-called practice, especially if it...