Possible Redistribution of Nicotine Product Tax to Local Budgets in Russia
According to a report by TASS on November 8th, the Russian Ministry of Finance is considering the possibility of reallocating some of the tax revenues from nicotine products to local budgets in Russia. If successful, this move could also be extended to tobacco products in order to combat their illegal circulation in the regions.
This announcement was made by Alexander Korobtov, Deputy Director of the Ministry of Finance, during a meeting of the Senate Economic Policy Committee. He stated that the Ministry of Finance currently has no objections to the reassignment of taxes on nicotine products. However, a decision regarding the tax distribution for tobacco products will be made after observing the actual effects of the reassignment of taxes on nicotine products.
In June 2023, Russian President Vladimir Putin signed a comprehensive law to regulate the tobacco market, including the importation of such products into Russia. The law was enacted to enhance the regulation and oversight of the production and distribution of tobacco products, nicotine-containing products, and their raw materials within the Russian Federation. It aims to establish dedicated controls and supervision in this field.
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