Reduction of tax on cigarettes?
PHDCCI feels that appropriate budgetary support should be considered for reinstatement of benefits under the FTP for Tobacco and Tobacco Products (covered under Chapter 24 of the Customs Tariff) by way of inclusion under RoDTEP. It would be appropriate to consider a reduction of tax on cigarettes which would help the legal industry to recoup volumes from the illicit trade and provide higher revenues to the Government, noted PHDCCI. Any increase in taxes will provide further impetus to the illicit trade and adversely impact revenue collection. Source: Reuters
PHDCCI feels that appropriate budgetary support should be considered for reinstatement of benefits under the FTP for Tobacco and Tobacco Products (covered under Chapter 24 of the Customs Tariff) by way of inclusion under RoDTEP. It would be appropriate to consider a reduction of tax on cigarettes which would help the legal industry to recoup volumes from the illicit trade and provide higher revenues to the Government, noted PHDCCI. Any increase in taxes will provide further impetus to the illicit trade and adversely impact revenue collection. Source: Reuters
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