Sun, 06 Jun 2021 - 03:33 GMT
Cigarettes - via pixabay/geralt
CAIRO – 6 June 2021: Price of cigarettes will be increased during the beginning of next July, which is a long-planned increase since the issuance of the health insurance law 3 years ago, , Chairman and Managing Director of Eastern company Hany Aman said.
Aman confirmed, during a TV interview through telephone call, that the health insurance law stipulates that there will be a tax of 25 piasters every 3 years on cigarettes until it reaches LE 1.5, explaining that there are still two other increases until it reaches LE 1.5.
He added that these increases will be on all packs of local and imported cigarettes alike, noting that there will be another increase, which will be at a value of 25 piasters according to the value-added tax.
"The total increase on local and imported cigarette packs will be 50 piasters, divided as follows: 25 piasters, including the health insurance law tax, and 25 piasters value-added tax,” Aman continued.
On another note, the company recorded an increase in its profits during the first seven months of the fiscal year 2020/2021 by 17 percent, to reach LE 2.95 billion, compared to LE 2.52 billion during fiscal year of 2019/2020.
The company said that the revenues amounted to LE 37.7 billion during January-to-July period current fiscal year, compared to LE 33.7 billion in the same period of last fiscal year.
Eastern Co. operates within the food, beverage and tobacco sector focusing on tobacco. It was established in July 1920.