Mighty Corp. filed appropriate taxes for its registered products sale in 2013. A certain news website cited the tax remittance of the cigarette firm owned by Wong Chu King family in Malolos, Bulacan.
According to reports, Mighty Corporation correctly paid its taxes amounting to P8.2 billion. Executive Vice President and retired judge Oscar Barrientos clarified that Mighty is compliant with the new sin tax law that was implemented last year. He fully explained the reason behind the significant tax hike of P8.2 billion compared to the P500 million it paid in 2012.
“Allegations that Mighty Corp. did not pay the correct taxes for 2013 are grossly inaccurate and downright ridiculous. Our critics had most likely misunderstood the data from the Bureau of Internal Revenue,” Barrientos said.
In an interview, Barrientos detailed Mighty taxes for the year 2013. Increase in tax was due to the huge leap of its market share from three percent in 2012 to 22.5 percent last year. The spokesman said the firm slowly gained a better position in the local market and Mighty has strengthened its production efficiency. He also added that the company's enhanced marketing strategy was very effective across the provinces.
However, Barrientos revealed that Mighty Corp. did not have a 20 percent market share for the entire year of 2013.
“The first time we hit 20 percent market share was in December 2013. Our critics computed excise tax dues on 20 percent market share year-round. Of course there will be a discrepancy. They give new meaning to the term ‘creative accounting.’ The truth is, Mighty paid the right taxes,” Barrientos said.