10:18 PM
Wednesday, April 3, 2024
Written by: Sherine Salah:
Ibrahim Embabi, head of the Tobacco Division at the Federation of Industries, said that there is an expected increase in the prices of Cleopatra cigarettes and middle-class cigarettes in the markets, after the rise in the price of the dollar in banks.
Embabi explained to Masrawy, “It was allowed to increase the maximum price bracket for Cleopatra cigarettes and the middle category because they do not fall into a larger tax bracket, and thus pay greater taxes.”
Last November, the government decided to amend some provisions of the Value-Added Tax Law on Cigarettes issued by Law No. 67 of 2016.
The amendments to the value-added tax on cigarettes included allowing the official prices of cigarettes to increase by about 12% annually.
The amendments also included increasing the taxes imposed on cigarettes by increasing the lower and upper limits of the package price bracket by 12% annually for 5 years.
The price of the dollar in banks has risen for more than two weeks, now reaching about 47 pounds, after remaining at about 30 pounds for months.
According to the head of the division, a pack of Cleopatra cigarettes is expected to reach 34.7 pounds, compared to 31 pounds before the increase.
The prices of middle-class cigarettes will rise to between 34.8 and 50.40 pounds, compared to 31 and 45 pounds before the increase, according to Embabi.
Last February, Philip Morris Egypt raised the prices of its cigarette products for the second time in about 3 months, by rates ranging between 8 and 11 pounds per pack.
The Board of Directors of the Eastern Company had also previously approved a new price list for all of the company’s products of cigarettes, honey, cigars, and the company’s other tobacco products, which included a 3-pound increase in the prices of Cleopatra cigarettes of all types.
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