Cigarette prices to increase from October 20th

Cigarette prices to increase from October 20th

“We are of the view that there is need to curb the consumption of Tobacco.”

Words expressed by Finance Minister, Colm Imbert during the 2020/2021 Fiscal Budget on Monday October 5th.

Minister Imbert said “worldwide, tobacco use is the single largest cause of preventable death, killing around 6 million people every year.”

He said “Tobacco use accounts for one in 10 adult deaths worldwide and Tobacco kills up to half of all users and that it is a risk factor for six of the eight leading causes of deaths in the world. Unchecked, tobacco-related deaths will
increase to more than eight million a year by 2030, and 80 percent of those deaths will occur in the developing world.”

Minister Imbert said the Government is currently spending $500,000 per year to treat just one lung cancer patient.

He ruled that citizens can expect an increase excise duty by 20 percent on locally manufactured tobacco products;

There will increase customs duty by 20 percent on imported tobacco from the Common Market Origin.

These measures will take effect from October 20, 2020.

Minister Imbert also said they will adjust the customs duty payable on tobacco products imported into Trinidad and Tobago from extra-regional sources to have it receive equal treatment to that of the common market.

200 percent on penalties for selling alcohol and tobacco to minors as well as all other penalties under the Liquor Licenses Act, and the Tobacco Control Act, will take effect from January 1, 2021.

 

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