The Bureau of Internal Revenue (BIR) has reminded the public that internal revenue stamps will be mandatory for all imported and locally manufactured vape products in the market beginning June 1, 2024.
In a statement yesterday, the BIR said fourth generation internal revenue stamps for such products will be available for ordering starting today, May 8. This requirement will be imposed by the BIR as a way of checking the proper payment of taxes by the vape industry.
Lack of internal revenue stamps on vape products means non-payment of excise taxes.
Non-payment of excise taxes will make the vape products subject to seizure by the BIR and will expose the business owner to criminal liability for tax evasion.
“We have warned the illicit vape industry to pay your proper taxes. Comply with the internal revenue stamps by June 1, you can order as early as May 8. The BIR will monitor the internal revenue stamps for the vape industry,” BIR Commissioner Romeo Lumagui Jr. said.
