Mighty Corporation downplays allegations made by rival companies that it had underpaid taxes in 2013.
Mighty Corp said that the firm has paid a total of 9.2 billion pesos in excise taxes last year and the said amount was based on their average market share of 13.7% in 2013.
Mighty Corporation Executive Vice President and Spokesman Oscar P. Barrientos said, “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. The taxes we paid for the year 2013 reflects the jump in our market share and our fair share in the increased taxes on ‘sin’ products last year. We closed the year with a 22.5 percent market share. We started 2013 with three percent.”
Mighty Corp has a remarkable sales accomplishment last year. Barrientos added that slowly but surely Might Corp grew its market share even more in the coming years due to the strength of their production and a sound national sales distribution strategy.
Barrientos however revealed that they did not have a solid 20% year-round market share average as what their critics have maliciously implied in connection to tax evasion allegations. He also emphasized that allegations against Mighty Corp are baseless like the other earlier accusations that was thrown at them by competitors from unfair business practices and technical smuggling.
Barrientos assures the public that they have not engaged in the said wrongdoings and explained, “The first time we hit 20 percent market share was in December 2013. Our critics computed excise tax dues on 20% market share year-round. Of course there will be a discrepancy. They give new meaning to the term ‘creative accounting.’ The truth is, we paid the right taxes.”