6 EGP bn lost as 12% of cigarettes in Egypt are smuggled -PMI Egypt

Smuggled cigarettes cost the treasury over EGP 6 bn in unearned revenue, Philip Morris International-Egypt (PMI) said in a statement, according to Al Borsa. The volume of smuggled and unlicensed cigarettes in Egypt account over 12% of all those consumed, PMI explained. Al Borsa notes that local manufacturer Eastern Company targets bringing EGP 49.7 bn in to the state treasury in FY2017-18, up from EGP 34.1 bn in FY2016-17.