Managing Director of Carreras Limited, Marcus Steele says the proposed increase in the tax on cigarettes will result in further revenue losses to the government as a result of the illicit trade.
Finance Minister Audley Shaw announced yesterday, that the tax on tobacco products will increase from $14 per stick to $17.
It’s to take effect on Monday.
Mr. Steele says the government stands to lose more in revenue with an expected increase in the illicit trade of cigarettes.
Mr. Steele says the tax increase is significant.
Marcus Steele was speaking earlier on Nationwide This Morning. He says Carreras has been discussing those concerns with the government. However he says the response has not been favourable.