Hong Kong's 2023 Cigarette Seizures Reached $288 Million
According to media reports, Hong Kong customs officials said the agency seized more than 650 million illicit cigarettes last year, worth HK$2.25 billion (US$287.8 million), the highest annual value in more than two decades. According to undisclosed source
According to media reports, Hong Kong Customs officials reported that the agency seized over 650 million black market cigarettes last year, valued at 2.25 billion Hong Kong dollars (288 million USD), marking the largest annual cash value in over twenty years.<\/div>
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According to undisclosed sources, the seized cigarettes will generate approximately 1.54 billion Hong Kong dollars in tax revenue, also a historic high.<\/div>
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Last week, Hong Kong authorities stated that they are considering further increasing tobacco taxes.<\/div>
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The total number of cigarettes seized last year was lower than the 732 million seized in 2022, but the value was higher. The record seizure coincided with a 31% increase in tobacco tax in February, leading to an average cost increase of 12 Hong Kong dollars for a pack of 20 cigarettes, reaching over 70 Hong Kong dollars.<\/div>
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A pack on the black market sells for 18 to 38 Hong Kong dollars.<\/div>
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Sources say that the confiscated tobacco products are currently stored in government warehouses, awaiting court litigation or further investigation, after which they will be destroyed and buried in landfills.<\/div>
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He added that customs officials will intensify efforts to crack down on criminal groups that attempt to smuggle cigarettes into Hong Kong using busy logistics services before the Lunar New Year.<\/div>
