Majlis Passes Bill to Raise Cigarette Prices
Economy, Domestic Economy

Majlis Passes Bill to Raise Cigarette Prices

The parliament has ratified the bill to increase the retail prices of cigarettes in an open session on Tuesday. Based on the new law, the prices of imported brands will rise by 500 rials (about 1.4 cents at market exchange rates) for each cigarette. For joint production and domestically-produced brands, the increase will be 350 rials (about 1 cent) and 100 rials (0.3 cents) respectively, Mehr News Agency reported. According to the Health Ministry’s spokesman, Iraj Harirchi, the legislation aims to reduce tobacco consumption. However, Hossein Barkhordar, CEO of the Iranian Tobacco Company, claims that the move will fail to reduce smoking, as it did on previous occasions.  “The price hike will severely impact the domestic tobacco industry and give rise to smuggling,” he said. Echoing the ITC chairman’s remarks, Mohammad Reza Tajdar, the head of the Association of Producers, Importers and Exporters, said “an unreasonable growth in tax and duties levied on cigarettes will increase smuggling of the product from the current 30% to over 70%.” Last Iranian year (ended March 19, 2016), the country imported about $121 million worth of cigarettes from Turkey, South Korea, the UAE, Switzerland, the Russian Federation, Netherlands and Vietnam.  The figure accounts for legally imported cigarettes only and the bulk of cigarettes sold in the domestic market are smuggled. Iran has some 10 million smokers, with an additional 600,000 exposed to the detrimental effects of passive smoking.


Short URL : http://goo.gl/kavzGi
  1. http://goo.gl/V18Vzz
  • http://goo.gl/J4WGhh
  • http://goo.gl/4PXt1x
  • http://goo.gl/AqXaD4
  • http://goo.gl/ij3c84

You can also read ...

Close to €14.78 billion worth of commodities were exchanged between Iran and all European Union states during Jan.-Sept.
The latest Eurostat data shared with Financial Tribune show...
President Hassan Rouhani hands the budget bill for the upcoming fiscal year (March 2018-19)  to Parliament Speaker Ali Larijani on Dec. 10.
President Hassan Rouhani presented the budget bill for the...
Apple to Acquire Music Identification App Shazam
Apple Inc is in talks to acquire Shazam Entertainment Ltd,...
MSC Selected Asia’s 11th Most Admired Knowledge Enterprise
Iran’s largest steelmaker, Mobarakeh Steel Company, has been...
Sharif University Holding Entrepreneurship Event
Sharif University of Technology will hold a conference on the...
The device, called GPhone, is built into a smartphone case with a companion app which lets patients record and track their glucose readings.
A new re-useable glucose-monitoring smartphone case developed...
Currency Gains in  FX Market
Most foreign currencies in Tehran’s market gained against the...
The expenses of banks have been predicted to match their incomes at 820.2 trillion rials.
The total projected income of eight Iranian state-owned banks...