Australia Losing $1B To Tobacco Black Market, KPMG Says

Law360, New York (November 06, 2013, 7:47 PM ET) -- Australia is losing AU$1 billion (US$953 million) per year in tobacco excise revenue due to a jump in black market sales fueled by high taxes that have been increasing for several years, according to a KPMG LLP report released Monday.

So-called illicit tobacco consumption has spiked from 11.8 to 13.3 percent of the Australian tobacco market in the past year thanks to a 154 percent increase in illicitly manufactured cigarettes in the country, according to the report, which was commissioned by British American Tobacco Australia, Imperial...
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