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

Law360, New York (November 6, 2013, 7:47 PM EST) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.