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per cent
under
- 5
the
that over 80 of locally made cigarettes are exported and thus are currently eligible for drawback of duties. all regime duty new Additionally, manufacturers will gain the benefit of avoiding the need to prepay duty, and then in due course to apply for drawback of duty, on products destined for export. Furthermore, the rate of differential has been reduced has on a number of over the
and Government years,
the eliminating of intention occasions
has been differential altogether.
stated
its
The local
tråde
warned that Government could not assure them forever the relative benefits that they have enjoyed in the
past.
12.
As regards the effect on cigarette retail prices, I expect it to vary between brands depending Heavier on their current tobacco weight contents.
will attract less duty than than average cigarettes will before. Lighter than average cigarettes will attact
There will be winners"
'winners" and more duty than before.
"losers" amongst both imported and locally manufactured
As regards actual
brands.
be up to
retail prices, it will
the manufacturers to decide whether or not into, current retail prices into
not
to absorb duty increases
and
conversely whether
or
of duty decreases to consumers.
pass
on
the benefits
人
lc
13.
сер
Sir,
The new duty structure comes
into effect
this afternoon by virtue of a Public Revenue Protection
In
due
course,
I
shall introduce into this Order. Council an amendment bill to the Dutiable Commodities
Ordinance to formalise the changes.
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