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Saturday, March 5, 2011

Smokers cough up Rs. 56bn to state coffers, 1.1% of GDP

Ceylon Tobacco Company PLC (CTC) releasing its Annual Report for 2010 said it made a contribution of Rs. 56 billion to the government in taxes which was 1.1 percent of GDP and 8 percent of total tax revenue of the government. CTC Chairman Jayampathi Bandaranayake, who also heads Sri Lanka’s investment promotion agency, the Board of Investment (BOI), in a statement to shareholders said, "CTC’s contribution to state revenue in 2010 grew by Rs. 3.7 billion to an overall contribution of Rs. 56 billion, an increase of 7 percent.

"Whilst CTC has continued to be key source of revenue to the government of Sri Lanka, in the year under review its contribution to the national exchequer represents 8 percent of the country’s total tax revenue, approximately 1.1 percent of GDP," he said.

"Going forward, CTC expects this positive market outlook to persist in tandem with the momentum of economic activity from the resurgence of such sectors as tourism and agriculture initially and more sectors thereafter," Bandaranayake said.

Gross revenue of the company amounted to Rs. 63.5 billion while profits after tax amounted to Rs. 5 billion.

source - www.island.lk