tobacco products

tobacco products
These products include: cigarettes; cigars; hand-rolling tobacco; other smoking tobacco; and chewing tobacco, which are manufactured wholly or partly from tobacco or any substance used as a substitute for tobacco. Tobacco products are liable to excise duty which is generally based on the quantity or weight of the goods. Cigarettes are also liable to a duty based on the value of the goods: this is known as the 'ad valorem component' of the duty. HM Customs & Revenue Glossary

Financial and business terms. 2012.

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