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Thursday, 14 July 2016

Cigarettes’ tax treatment could be changed, prices to increase

Tax treatment of smokes to change, prices to rise? The Finance Ministry is moving to amend the tax treatment of, moving to a system with just two tax brackets instead of three, Al Mal reported. Sources say in return, price increases will be passed on to imported brands and that this “agreement” was proposed representatives from Phillip Morris. Cigarette manufacturers had asked the ministry to allow prices hikes amid rising tax burdens. Deputy Finance Minister Amr El Monayer told Al Masry Al Youm he received a number of suggestions from cigarette manufacturers and has not adopted a specific one yet.

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