• May 22, 2024

Sri Lanka Increases Tobacco Duty

 Sri Lanka Increases Tobacco Duty

Image: MaciejBledowski | Adobe Stock

Image: MaciejBledowski | Adobe Stock

The government of Sri Lanka increased the excise duty on alcohol and cigarettes by 20 percent, according to the Xinhua News Agency.

State Minister of Finance Ranjith Siyambalapitiya said the duty was raised to increase state revenue and discourage alcohol and cigarette consumption. In 2021, Sri Lanka collected LKR249.6 billion ($687 million) in taxes from alcohol and tobacco products, according to Siyambalapitiya.