Singapore Government to Increase Tobacco Tax in 2023
The Singapore government will be increasing the consumption tax on all tobacco products by 15% starting from February 14, 2023. According to Finance Minister Lawrence Wong's budget speech, this move aims to curb consumption.
According to Wong, it is expected that this increase will bring about an additional annual tax revenue of approximately $100 million.
Singapore last raised its tobacco tax in 2018, which saw a 10% increase.
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