Managing Director of the West Indian Tobacco Company Ltd (WITCO) in his address to the media said he hopes the Finance Minister will let good sense prevail when he presents the mid-year Budget review.
Speaking with journalist at the Hyatt Regency for the addressing the company’s annual meeting of shareholders yesterday afternoon, Jean-Pierre Du Coudray said he hopes no new taxes would be imposed on cigarettes.
Du Coudray announced that WITCO made a profit of $515.5 million for its financial year ended December 31,
2015, with an increase of 5.4 percent over the same period in 2014.
During debate on a motion for the annulment of the Value Added Tax last month, Minister Imbert said the Government would not impose additional taxes on cigarettes and alcohol.
Du Coudray said additional taxes would lead to an increase in the black market in cigarettes, which he said was already a major headache for WITCO with more than 60 different brands of cigarettes on the market; mostof them smuggled into the country.