By Skandha Gunasekara
A new tax pricing formula for cigarettes is awaiting Cabinet approval and will include current inflation rates as a factor, The Sunday Morning learns.
National Authority of Tobacco and Alcohol (NATA) Chairman Dr. Samadhi Rajapaksa said the pricing formula had been handed over to the Cabinet of Ministers.
“We submitted the new pricing formula to the Cabinet in December. It is now up to the Cabinet to approve it so that it can be implemented,” Dr. Rajapaksa said, adding that the new formula was based on several factors.
“We plan to use the present price of cigarettes and add inflation rates and GDP as well as 4% exogenous factors. This is the formula that we have proposed,” he explained.
Dr. Rajapaksa opined that the entire tax would be borne by the consumer, stating: “There have been comments from the Ceylon Tobacco Company regarding this. The whole tax amount will be borne by the consumer.”
Cigarette price hike awaits Cabinet nod
09 Jan 2022
Cigarette price hike awaits Cabinet nod
09 Jan 2022
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