ADB supports higher taxes for PHL cigarettes | Economy | GMA ...

The Asian Development Bank is supportive of higher taxes on Philippine cigarettes as the country, along with four other Asian nations, is likely to post the most number of smoking-related deaths in the world.

In a report titled ?Tobacco taxes: A win-win measure for fiscal space and health?, the ADB said that two-thirds of the world?s smokers belong to 15 countries, five of which are in Asia. These include the Philippines, China, India, Thailand, and Vietnam.

The ADB added that without government intervention, the Philippines and the four other Asian countries together are expected to register 267 million smoking-related deaths over the coming years.

?For all five countries, increases in cigarette prices, in the range of 25 to 100 percent, would effectively reduce the number of smokers and the number of smoking-related deaths, and generate substantial new revenues,? ADB said.

The developmental institution estimated that a 70 to 122 percent increase in cigarette taxes in the five countries, which will result in a 50-percent increase in cigarette prices, would cut the number of smokers by 67 million and reduces smoking-related deaths by more than 27 million.

Also, the governments of the said five countries would be able to earn $24 billion in incremental revenues a year. The amount would represent a 143- to 178-percent increase in revenues generated by the governments of the said countries from cigarette taxes. ? DVM, GMA News

Source: http://www.gmanetwork.com/news/story/282142/economy/finance/adb-supports-higher-taxes-for-phl-cigarettes

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