INTERNATIONAL cigarette giant Japan Tobacco Inc has completed its acquisition of the assets of home-grown manufacturer Mighty Corporation, paving the way for the full payment of 30 billion pesos (Bt19.5 billion) to the Philippine government as part of the agreement to settle the latter’s unpaid tax dues.

THE PHILIPPINES’ Department of Finance expects the 30 billion pesos (Bt19.8 billion) that the Bureau of Internal Revenue would collect from cigarette manufacturer Mighty Corp’s proposed tax settlement will help “wipe out” the government’s below-target revenue collections.