Czech MPs mull sharper cigarette tax hike - report

...by the lower house of parliament, the daily Hospodarske Noviny said.

The price of a standard box of 20 cigarettes would rise by seven crowns ($0.339) instead of an originally planned four crowns, reported the business newspaper, citing calculations by tobacco companies.

The legislation is closely watched by listed cigarette maker Philip Morris Czech Republic , part of the Altria Group of the United States, and its domestic competitors.

Rising excise taxes and growing competition from cheaper brands have eaten into profits at Philip Morris, which is a leader on the Czech market with its premium Marlboro and other cigarette brands.

[PRAGUE/Reuters/Finance.cz]