Canary Islands: Revised Tobacco Tax Law in 2024
According to recent reports from the European News Agency, the Canary Islands government is set to introduce a revision of the Tobacco Products Tax Law. Starting in 2024, e-cigarette products and e-cigarette juices will be subject to a taxation rate of 0.10 euros per milliliter. This tax revenue will be incorporated into the autonomous region's budget proposal for 2024.
The Canary Islands will become the first Spanish autonomous community to impose a specific tax on such products, having adopted the fiscal recommendations issued by the European Union and the central government.
The authorities are planning to impose taxes on e-cigarette liquids and devices, whether or not they contain nicotine. This move is aimed at preventing young people from accessing these products and developing a habit of using tobacco.
The impact of the measure on the finances of the Canary Islands is not yet clear. However, according to the predictions in a report by the Ministry of Health titled "E-cigarette Tax Review: European Regulations and Potential Scenarios in Spain," the national public revenue from e-cigarette taxes could increase anywhere from 7 to 48 million euros.
In addition, the bill has revised the taxes on most products. The tax rate for cigars and small cigars has been increased from 2% to 4%, while the tax rate for other tobacco products has been raised from 5% to 10%.
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