Budget 2023: Excise duty on all tobacco products go up by 15% to discourage consumption Budget2023
SINGAPORE: The Government will raise the excise duty on all tobacco products by 15 per cent from Tuesday to discourage consumption, announced Finance Minister Lawrence Wong in his Budget speech.Mr Wong said the increase is expected to generate about S$100 million in additional revenue per year.
The tobacco tax was last raised in 2018 when the excise duty on cigarettes and other tobacco products went up by 10 per cent. Over the years, the Government has rolled out measures aimed at stamping out the use of tobacco. This includes mandating standardised packaging and enhanced graphic health warnings for all tobacco sold in Singapore, as well as raising the minimum legal age for smoking from 19 years in 2019 to 21 years in January 2021.
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