KPMG: Cyprus Illegal Cigarette Market Sees Further Growth
Cyprus continues to experience an upward trend in the consumption of illegal cigarettes , according to a report released on Thursday by consulting and advisory firm KPMG. This annual report, conducted for Philip Morris International, highlighted that across the European Union, illicit cigarette consumption has surpassed 10 per cent of total volume for the first time since 2014. Within Cyprus, the proportion of illegal cigarettes is estimated at 16.3 per cent of total consumpt
Cyprus has seen a continued rise in the illicit cigarette trade, with illegal products now making up an estimated 16.3% of total consumption. This figure represents a two-percentage-point increase from the previous year, according to a new report by KPMG. The study estimates that 160 million illegal cigarettes were consumed locally, resulting in an estimated €27 million loss in public revenue.
The expanding illegal cigarette market in Cyprus directly impacts government revenue and public health initiatives due to lost tax income and the unregulated nature of these products.
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