Sri Lanka Increases Tax on Alcohol and Tobacco

Jan.05.2023

Sri Lanka Increases Tax on Alcohol and Tobacco

Sri Lanka increased the consumption tax on alcohol and tobacco by 20% to increase national revenue and discourage consumption.

On Tuesday, an official in Sri Lanka announced that the government has increased the consumption tax on alcohol and cigarettes by 20%.

Ranjith Siyambalapitiya, the Minister of Finance and State Minister of Sri Lanka, has announced that in 2021, the country collected taxes (consisting of excise tax and value-added tax) totaling 249.6 billion Sri Lankan rupees (equivalent to $687 million USD) on tobacco and alcohol products.

The Minister of State stated that raising the consumption tax is aimed at increasing the country's revenue while also curbing the consumption of alcohol and tobacco.

According to the Sri Lanka National Authority on Tobacco and Alcohol, approximately 40,000 Sri Lankans die every year due to illnesses related to alcohol and tobacco.

#Asia #Market #China #Disposable e-cigarettes #E-cigarette Taxes

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