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Complex structures allow them to shift profits and underpay corporate income tax, while opaque supply chains allow them to move billions of cigarettes untaxed

These laws have shown little evidence in deterring youth smoking, especially among those at higher risk for smoking, and may actually have adverse consequences for youth already addicted

So if the above scenario does turn out to be conservative, and if you bought BAT at 33, it would produce a long-term annualised return of more than 10%

In addition, more explicit and conspicuous health warnings would appear on all tobacco product packaging and advertising