Price of cigarettes, energy drinks increased

President Abdulla Yameen Abdul Gayoom has ratified the amendment to Import/Export Act to import duty taken from cigarettes, energy drinks and soft drinks.

According to the amendment, import duty on cigarettes will be increased to MVR 2 per cigarette, and an extra 25 percent will be charged for bulk purchases.

This will push the price of a pack of cigarettes from MVR 50 to MVR 80.

The price of a 250 milliliter energy or soft drink will increase by MVR 8.41 in the market. The price of a MVR 20 can of energy drink will rise to MVR 28, and the price of a MVR 15 can of energy drink will rise to MVR 23.

The change is in effect from this Thursday onwards with President’s ratification and publish of the amendment in Government Gazette.

Increase in import duty on cigarettes in expected to generate extra MVR 200 million in income, and increase in import duty on energy and soft drinks is expected to generate MVR 9 million more in income.