CHINA TOBACCO SALES GROW, BUT TAXES RISE AND ANTI-SMOKERS GATHER STRENGTH
July 1st, 2009
BY WANG FANGQING
GONE are the days when it was only rich developed country markets which punished cigarette sales with high duties. In the past six months, the biggest (and gloomiest) news for China's cigarette manufacturers has been the change in consumption tax (an excise tax) - it was raised as high as 56% depending on the tobacco product, along with an additional 5% ad valorem wholesale price-based tax. This was the result of a joint decision made by China's State Administration of Taxation and the Ministry of Finance (MOF), effective May 1.
To be specific, ...
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