Singapore Raises Tobacco Excise Tax
According to Channel NewsAsia, the Singapore government will raise excise tax on all tobacco products by 15% starting February 14, 2023. Finance Minister Lawrence Wong said in his budget speech that the move is intended to curb consumption. Wong said the
According to Asia News Channel, the Singapore government will increase the excise tax on all tobacco products by 15% starting from February 14, 2023. This move aims to curb consumption, as stated in the budget speech by Finance Minister Lawrence Wong.
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Wong stated that this increase is expected to generate approximately 100 million dollars in additional annual revenue.<\/div>
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This is the first increase in tobacco tax since 2018, when it was raised by 10%.
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