Finance Minister Basil Rajapaksa, in his budget speech for the fiscal year 2022, said the tax on cigarettes is proposed to be increased with immediate effect.
Accordingly, the current retail price of a stick of a cigarette will be moved up by Rs. 5.00.
The government expects a revenue of Rs. 8 billion through this initiative, he noted.
In addition, the excise tax is proposed to be increased with immediate effect. An additional revenue of Rs. 25 billion is expected through this tax increase.