Customs Fees For Tobacco And Its Derivatives Will Increase By 100 Pc

Customs fees for tobacco and its derivatives will increase by 100 percent as per the agreement signed by the Gulf Cooperation Council (GCC) on imposing selective commodity tax which will be collected by the Customs Department, reports Al-Shahid daily quoting sources. Sources said the prices of cigarettes in the country are expected to be double the current prices once the abovementioned decision is implemented.

Sources added the prices of various types of cigarettes in Kuwait have been increasing continuously – around 60 to 100 percent. Sources pointed out the volume of Kuwait’s tobacco import is expected to increase to KD 100 million after applying the decision — more than double the volume in fiscal 2014/2015.

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Sources went on to say that Kuwait recorded the highest number of smokers among its peers in the Gulf and the percentage increased to 32 percent recently. In another development, the Manpower and Government Restructuring Program (MGRP) has tasked a consultancy office with preparing the preliminary, and the operational studies of setting up a “business city.” The project will be established on an area of more than 33,000 square meters, and a threestorey building of 8,125 square meters, the MGRP Secretary General Fawzi Al-Majdali said in a press release on Sunday. Al-Majdali referred to the expected distinct role of the would-be city that will be the major incubator for small and medium sized enterprises (SMEs) in Kuwait and the Gulf Cooperation Council (GCC), with several halls for at least 10 various professions. The project will totally include 142 sub-incubators for business with different areas, in addition to 30 virtual ones, offering priority

SOURCE : ARABTIMES

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