Mighty Corp. offers to pay ₱25B to settle tax cases

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Metro Manila (CNN Philippines, July 12) — The Finance Department is studying Mighty Corporation's offer to settle its tax cases for ₱25 billion.

This is ₱13 billion less than the original ₱38 billion worth of three tax cases.

Based on the company's offer, Mighty will pay some ₱3.5 billion by July 20 in deficiency excise tax on cigarettes, which is the basis of the cases pending before the Justice department.

READ: Duterte to Mighty Corp. owners: Pay ₱3-B and you're off the hook

The remaining ₱21.5 billion from the company's liabilities, meanwhile, will be paid on or after a deal with Japan Tobacco International (JTI), who offered to buy Mighty Corp. for ₱45 billion.

Finance Secretary Carlos Dominguez III said the settlement offer would not include the possible criminal charges which might be filed by the Bureau of Internal Revenue.

READ: Dominguez to Mighty Corp.: Pay up or face courts

Mighty Corporation is accused of failing to pay excise taxes and for using fake tax stamps on its cigarettes.