Illicit tobacco trade costs Zambia more than K50 million per year
Government’s efforts to shore up the national budget and boost foreign reserves remain exposed to the continued loss of taxation revenue through illicit trade and smuggling. Increased law enforcement and border controls should be a priority for stakeholders including the Ministry of Home Affairs if Zambia is to address the country’s loss of revenue resulting from a drop incopper prices among other factors.According to the Tobacco Institute of Southern Africa (TISA), so profitable is the illicit trade that tobacco products are the world’s most widely smuggled legal product today. The illicit trade in tobacco products is a multi-billion-dollar business, fuelling organised crime and corruption, as well as robbing governments of much-needed tax money.In Zambia, more than 400 million cigarettes a year enter the market illicitly smuggled, counterfeited or tax-evaded, accounting for 30% of the product on the market. Stemming the flow of illicit cigarettes on the market could help bridge the national budget deficit gap.
https://www.lusakatimes.com/2016/09/29/illicit-tobacco-trade-costs-zambia-k50-million-per-year/
Related Posts
PS5s, iPhones, Laptops Worth 2.5 Crores Seized By Delhi Customs, Items Were Misdeclared as Household Goods
Delhi Customs ACC Export Commissioner has seized iPhones, PS5s, and laptops worth...
Tale of Fake Hewlett-Packard Gear Spurs Arrest in China, Lawsuit
When three Chinese nationals were jailed in Beijing almost a decade ago and...
Illicit liquor worth 40 lakh seized
Muzaffarnagar: A joint team of Muzaffarnagar district excise department and...
Counterfeit Coach, Louis Vuitton, Prada under fire in NYC
Bargain hunters from around the world flock to Manhattan's Chinatown for bags,...