Indonesian cigarette market may have only grown less than 2% in volume last year. Cigarette producer Gudang Garam (GGRM), however, reported 20.4% growth in sales revenue in rupiah in nine months of 2014. That means, the Company transferred all of the higer excise tax imposed by the government to smokers, because the company’s excise duty and VAT grew only 19% in the period.To subscribe please click here