( 3 minutes read)
· Egypt will increase prices of cigarettes from July onwards. The increase has been planned long before in compliance with the health insurance law passed 3 years ago
· The health insurance law stipulates that there will be an increased tax of 25 piasters every 3 years on cigarettes until it reaches LE 1.5
· The Eastern company recorded an increase in its profits during the first seven months of the fiscal year 2020-21 by 17 percent at LE 2.95 billion, compared to LE 2.52 billion during the previous fiscal year
Egypt will increase prices of cigarettes from July onwards. The increase has been planned long before in compliance with the health insurance law passed 3 years ago. This was revealed by Chairman and Managing Director of Eastern company Hany Aman recently during a TV interview. The health insurance law stipulates that there will be an increased tax of 25 piasters every 3 years on cigarettes until it reaches LE 1.5.
These increases will be on all packs of local and imported cigarettes. There will be another increase, which will be at a value of 25 piasters on the value-added tax.
The total increase on local and imported cigarette packs will be 50 piasters. Of that, 25 piasters will be health insurance law tax and 25 piasters will be value-added tax.
The Eastern company recorded an increase in its profits during the first seven months of the fiscal year 2020-21 by 17 percent at LE 2.95 billion, compared to LE 2.52 billion during the previous fiscal year. The revenues amounted to LE 37.7 billion during January-to-July period of the current fiscal year, compared to LE 33.7 billion in the same period of last fiscal year.
