Ceylon Tobacco Company PLC says excise tax drop
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The Ceylon Tobacco Company PLC (CTC) says that its contribution to Government revenue, through excise tax fell to Rs. 87.4 billion during the year ending 31st December 2016.
Company results also indicate that expenditure in 2016 was greater than that of the same period of the previous year as a result of a 10 per cent increase in raw material costs due to the rise in imported tobacco leaf. Increased importation of leaf is a consequence of, among others, farmers being pressured to stop cultivating tobacco, and thereby putting the livelihoods of over 20,000 persons involved in the tobacco farming sector at risk.
The company’s Profit after Tax stood at Rs. 12.56 billion for the year ended 31st December 2016.