In a move reflecting changes in Excise Duty and Value Added Tax (VAT), the Ceylon Tobacco Company PLC (CTC) has implemented a price hike on cigarettes as of January 1st. The increase is categorized into four brackets, with prices per stick rising by Rs. 5, Rs. 15, Rs. 20, and Rs. 25 respectively.
The adjustment comes in response to the government's decision to raise Excise Duty and VAT, impacting the overall cost structure of tobacco products. The CTC, a major player in the tobacco industry, clarified that the price increments are necessary to offset the higher taxes imposed by authorities.
This development has garnered mixed reactions from consumers, with some expressing concerns about the financial implications of the increased prices. Smokers are now evaluating the impact on their budgets, while health advocates hope the price hike may discourage tobacco consumption, ultimately contributing to public health improvements.
