The Ceylon Tobacco Company (CTC) has contributed Rs. 25.6 billion to government revenue, an increase of Rs 1.5 billion, during the first six months of the year, said CTC in a press release.
The revenue growth is attributed to taxes on cigarettes and also raids on illicit cigarettes. In the first half of 2010, the law enforcement authorities conducted 868 raids and seized 35 million counterfeit and smuggled cigarettes.
The market value of these stocks was over Rs. 500 million, said CTC. “Government revenue (comprising all levies, duties and taxes), for the six months, was Rs. 25.6 billion, an increase of Rs. 1.5 billion, due to the effect of excise-led price increases and an improved brand mix. Provincial Council Tax grew by Rs. 100 million to Rs. 1.6 billion,” said the company.
Meanwhile, CTC said that during the first half of the year, productivity improvements have helped reduce its operating costs. This, coupled with a better brand mix and sales value, have driven the growth in profit-after-tax by Rs. 492 million for the six months to June 2010, said the company.
The tobacco company has also started a Corporate Social Responsibility (CSR) project on conflict rehabilitation. The project, which is called Sustainable Agricultural Development Programme (SADP) ‘Lite,’ helps the government rehabilitate those affected by conflict, by training them on agricultural knowledge and supporting sustainable livelihoods, said CTC. The project benefits 500 people at the Welikanda Kandakaadu Rehabilitation Centre and is conducted under the guidance of the Ministry of Rehabilitation and Prison Reforms. |
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