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The investment includes the expansion of its first Greenfield factory in Italy, as well as the conversion of existing factories in Greece, Russia, Romania, Korea and two additional production lines in Switzerland

The administration has indicated that it intends to tax nicotine intake at the same rate, regardless of whether the nicotine is vaped or smoked

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The stock markets took note of the higher tax incidence with share prices of cigarette makers ITC and Godfrey Phillips India plummeting almost 10 per cent and 17 per cent, respectively, on the National Stock Exchange