7th November Asian Trader.
The illicit tobacco trade cost each small shop over £32,000 last year, new research has found.
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This figure represents an increase of nearly £1,000 from the previous year, due to the high prevalence of the illicit trade, the research by the Tobacco Retailers’ Alliance discovered.
A survey of 113 TRA members found that they believe a second tobacco duty increase at the Budget on 22 November would make the problem worse and risk putting them out of business.
The research also shows how jobs have been lost in the sector and the many billions criminals made from the sale of illicit tobacco.
The small retail sector lost £1.7 billion of revenue due to the illicit tobacco trade and cross border shopping in 2016-17.
This is equivalent to £34,237 per small shop and is a £993 increase on the previous year’s findings.
This article appears courtesy of Asian Trader and may be read in full by following the link.