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Fitch Ratings
Fitch: First Quarter Cigarette Volume Declines Could Be Drastic
May 3rd, 2009
Cigarette manufacturers raised their prices significantly in the first quarter in anticipation of the increase of the federal excise tax (FET), which went into effect April 1, 2009. The increase in the FET for cigarettes and other tobacco is a result of legislation to expand the State Children's Health Insurance Program (SCHIP), which is funded by revenues from the FET. The FET increased 61.66 cents per pack of cigarettes to $1.01 per pack from $0.39 per pack. Additionally a floor tax, a one time tax on untaxed or undertaxed products, was assessed for cigarettes and other tobacco products in retailers' and wholesalers' inventories as of April 1, 2009. While tobacco...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-03)
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