Possible Redistribution of Nicotine Product Tax to Local Budgets in Russia

Regulations by 2FIRSTS.ai
Nov.09.2023
Possible Redistribution of Nicotine Product Tax to Local Budgets in Russia
Russia's Finance Ministry may consider reallocating taxes on some nicotine products to local budgets to combat illegal trafficking.

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.

 

Disclaimer: 
This article is translated from an original Chinese article available on 2firsts.cn by AI, and has been reviewed and edited by 2FIRSTS's English editorial team. The Chinese original text is the only authoritative source of information. The exclusive copyright and license rights to this article are held by 2FIRSTS Technology Co., Ltd. Any reproduction, reprinting, or redistribution of this article, either in part or in full, requires express written permission from 2FIRSTS and must include clear attribution along with a link to this content. Non-compliance may result in legal action. 2FIRSTS Technology Co., Ltd. reserves the right to pursue legal actions in case of unauthorized use or distribution.

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