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NEWS: Philip Morris International: Illicit Cigarettes In EU Reach Record Levels In 2010: KPMG Study Shows Annual Consumption Up By 5.1% To An Estimated 64 Billion Units

Posted by admin on Jun 30, 2011 7:54:52 AM
NEW YORK, Jun 30, 2011 (BUSINESS WIRE) -- Philip Morris International Inc. (PMI)  today announced results of a recent study showing that the illicit trade in contraband and counterfeit cigarettes in the European Union (EU) in 2010 reached its highest level since studies began in 2006.

The study, conducted by KPMG LLP (KPMG), estimates that annual consumption of illicit cigarettes increased by 3.1 billion units in 2010 versus 2009 to an annualized total of 64.2 billion units, equating to approximately 10% of total cigarette consumption in the EU. The loss to national and EU revenues due to cigarette smuggling is estimated by the European Anti-Fraud Office (OLAF) to be approximately 10 billion Euros per year.

For full article, please visit Market Watch.

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Topics: Consumer Goods