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MANILA - The Bureau of Internal Revenue (BIR) plans to bid out its cigarette security stamp project within the first semester to ensure tax compliance among tobacco manufacturers.
Commissioner Kim Jacinto-Henares said the bureau will sign a memorandum of agreement with APO Production Unit Inc within the first quarter, allowing the company to bid out the security technology on behalf of the bureau.
Henares said the fuse on the security stamp is considered "accountable forms," and as such, "by law, we can only get it from BSP, NPO and APO."
The "BSP already declined, while NPO is busy printing for the elections," thus the BIR resorted to APO, she said.
Apart from the Bangko Sentral ng Pilipinas and the National Printing Office, APO is the only other government-accredited printer that can produce such accountable forms.
The security stamp tax project aims to safeguard the country from smuggling as the BIR expects an upsurge of illegal imports after Republic Act 10351, or the Sin Tax Reform Law of 2012 took effect on January 1.
Although APO would bid out the technology, the company would have to print and distribute the security stamp, Henares said.
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