South African unit of Philip Morris welcomes tax stance on cigarette alternatives [Reuters]
Philip Morris International Inc (PM)
Last philip morris international inc earnings: 4/21 06:59 am
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Source: Reuters
South African unit of Philip Morris welcomes tax stance on cigarette alternatives JOHANNESBURG (Reuters) - The South African unit of cigarette maker Philip Morris International Inc ( PM.N ) welcomed the government’s decision to introduce a lower excise tax on heated tobacco products than on regular cigarettes. In his annual budget speech on Wednesday, Minister of Finance Tito Mboweni said, in line with Department of Health policy, his government will start taxing heated tobacco products such as hookah or “hubbly bubbly”. But he said the rate will be set at 75 per cent that of the tax on cigarettes. Electronic cigarettes, or so-called vapes, will only be taxed from 2021, Mboweni said. Philip Morris’ South Africa Managing Director, Marcelo Nico said on Thursday there was a growing body of evidence that regulating less harmful tobacco products differently to cigarettes can reduce smoking rates to the overall benefit of public health. “By creating this differentiation, Minister Mboweni
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PM
Earnings
- 10/22/24 - Beat
PM
Sec Filings
- 11/21/24 - Form 8-K
- 11/12/24 - Form 25-NSE
- 11/8/24 - Form 4
- PM's page on the SEC website