Jump to full article: Trinidad Express (tt), 2009-09-09
Author: Kristy Ramnarine
Intro: The latest increase in cigarette prices could create a black market for tobacco in the country. according to Jean-Pierre du Coudray, Managing Director of the West Indian Tobacco Company Limited (Witco).
He believes the increase could lead to an importation of cheaper products into the market.
"I've been trying to meet with the Finance Minister for quite some time to discuss the excise and import duty on tobacco," he told the Express yesterday.
"I'm not sure if the increase is a revenue cutback exercise or a consumer reduction exercise. I'm hoping it is a revenue cutback one because if it is a consumer reduction one they are going about it the wrong way. They are going to create a black market in the country."
Finance Minister Karen Nunez-Tesheira announced in the 2009/2010 Budget on Monday that there will be a 15 per cent increase in excise and import duties on tobacco products
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