Singapore Tobacco Excise Duty to Increase
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Singapore’s government is raising the excise duty on all tobacco products by 15 percent, effective Feb. 14, 2023, according to Channel News Asia. The move is aimed at discouraging consumption, according to Finance Minister Lawrence Wong’s budget speech.
The increase is expected to generate about $100 million in additional annual revenue, according to Wong.
The tobacco tax was last raised in Singapore in 2018 when it increased by 10 percent.