Eastern Tobacco announces Cigarette Price Hikes amid Egypt New Tax

Egypt’s cigarette monopoly Eastern Company for Tobacco announced Monday that it modified cigarettes prices for local and imported cigarettes in accordance with the Egyptian President’s decree to issue further taxes on cigarettes.

Egypt’s president Abdel Fattah al-Sisi issued a new amendment to the sales tax on Cigarettes, the company said in a statement.

The cigarette maker added in a bourse statement the proceeds from the increase will go to the ministry of finance due to the increase in sales tax.

The decision announced by the presidency increases a flat tax by at least 7 cents for a pack of less expensive cigarettes. More expensive brands will see an increase of at least 20 cents.