Sat, Nov 21 2009
Photo: Tsvetelina Angelova
To raise revenue and discourage smoking, Bulgaria is poised to radically raise cigarette excises from 2010
If the ministry succeeds in raising the excise duty to 76 euro in 2010 from the previously planned 64 euro, prices would increase by an average 30 per cent
In spite of increasing competition from local and foreign firms, company beleives that 2009 will reap superior benefits due to higher produce.
Bulgartabak Holding has registered a 347 per cent revenue growth - amounting to 58.7 million leva for the fiscal year 2008 as opposed to 13.1 million leva for 2007, company data showed, as cited by investor.bg.
Strong public opposition to price hikes prompted Prime Minister Boiko Borissov to axe the Finance Ministry proposal to increase the excise duty on spirits, but MPs have put it back on the agenda.
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The two telecoms, both set up to challenge former fixed-line state monopoly BTC, will merge operations and expect to report 20 million euro in revenue and a gross profit of five million euro in 2010.