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Improving Access to HIV Services for Mobile and Migrant ...

Improving Access to HIV Services for Mobile and Migrant ...

Caribbean, while the

Caribbean, while the islands of Grenada, Dominica, St. Kitts and Nevis, Anguilla, and Montserrat were responsible for the remaining 6%’. 9 b. In Trinidad West Indian Tobacco (WITCO), the country’s monopoly producer of cigarettes declared total profit after taxation of USD$46 million for 2011, which reflects an increase of 8.4 per cent over the company’s 2010 profit. The company paid TT$111.8 million in taxes and TT$243.3 million in excise duties, according to the preliminary announcement of its 2011 results, which has been published on the T&T Stock Exchange Website. Using the data generated by USDA we can use the same proportions to establish an estimate for the size of the tobacco market in Antigua & Barbuda. If we make the assumption that the revenue generated by WITCO is as a result of sales that follow the market share pattern estimated in the USDA report, 17% of the sales can be applied to Antigua & Barbuda. Using this data we can estimate that the total size of the Tobacco market in Antigua & Barbuda is: i. USD46m * 17% = USD7.82m. c. The estimated market size of the tobacco industry in 2007 was USD7.82m and based on the rates of 0.5%, 0.1% and 0.05% increase could generate up to an additional USD40,000 in tax revenues. d. However, the caveat and the argument against further tax in this sector is related to the IMF Stand By Agreement whereby the excise tax on tobacco was increased by 0.2% of GDP in 2009 in line with agreements with the IMF. 9 Caribbean Basin HRI Food Service Sector Eastern Caribbean Region Report 2007. USDA Foreign Agriculture: Global Agriculture Information Network. September 2007 30

Table 3: Revenue, Tobacco Industry and Estimated additional Tax Revenues Tobacco Estimated market size Antigua 2011USDm Profit after Taxation 7.83 Innovative Financial Instrument Taxation Rate 0.05% 0.10% 0.50% Market Revenue 2011 USDm $7.83 $7.83 $7.83 Additional Revenue Raised USDm 0.0039 0.0078 0.04 9. Alcoholic Beverages. Although collecting data on the alcoholic beverages industry proved to be challenge data available from Trinidad from 2007 estimated the market size in Trinidad as USD34.54m. Using a similar approach as adopted in the estimation of the market size for tobacco (see paragraph 4a) we can use the same market share data as indicated in the USDA report to estimate the size of the alcohol market. As with Tobacco the alcoholic beverages industry in Antigua & Barbuda forms part of the retail sector although there is some Rum Distillation. As the data for Trinidad represents the revenue generated only within Trinidad & Tobago, for the purposes of the report we will assume that this represented 62% of the Caribbean market share for alcohol beverages sales. a. USD34.54m / 62 *17 = USD 9.47m b. The estimated market size of the alcohol industry in 2007 was USD9.47m and based on the rates of 0.5%, 0.1% and 0.05% increase could generate up to and additional USD47,000 in tax revenues. c. However, as with the tobacco sector further taxation may not be an attractive option for the government as the excise tax on alcohol was increased by 0.2% of GDP in 2009 in line with agreements with the IMF. 31

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