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Jump to full article: Bloomberg News, 2008-03-18
Author: Francisco Alcuaz Jr
Intro: British American Tobacco Plc shelved a 2 billion peso ($48 million) investment in the Philippines after the government ruled its Pall Mall brand is subject to the highest excise tax rate, BusinessMirror reported.
The Department of Finance said Pall Mall was subject to the 26.06 peso a pack excise tax, reversing Finance Undersecretary Gaudencio Mendoza's earlier ruling that the brand was subject the 6.74 peso a pack mid-price excise tax, the newspaper said.
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