Revenue Regulations · RR

RR 16-2024

To prescribe the updated floor price of cigarettes, heated tobacco, and vapor products pursuant to Sections 144 (B) and (C) and 145 (C) of the National Internal Revenue Code (NIRC) of 1997, as amended.

Bureau of Internal RevenueIndependent research copy

Document type: RR
Number: 16
Year: 2024
Text quality: Not specified

Document text

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Revenue Regulations No. 16-2024 (issued September 16, 2024) prescribes updated floor prices for cigarettes, heated tobacco products, and vapor products pursuant to Sections 144(B) and (C) and 145(C) of the NIRC of 1997, as amended. It tabulates floor prices by packaging (e.g., ₱78.58 per cigarette pack; ₱785.80 per ream; ₱60.11 per heated tobacco pack; ₱180.67 per 2-ml nicotine-salt pod; ₱679.12 per 10-ml nicotine-salt bottle; ₱181.72 and ₱263.73 per 10-ml and 30-ml freebase bottles), computed from production cost/total landed cost, 2024 excise tax, and 12% VAT. The floor prices are to be used only as a reference for taxation when there is no proof of a higher actual price. Selling these products below the combined excise tax and VAT is prohibited and punishable by a fine of not less than ten times the excise plus VAT due (minimum ₱200,000, maximum ₱500,000) and imprisonment of four to six years.