February 14, 2023, 05:31 PM
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From today (Feb. 14) onwards, Singapore will implement a 15 per cent increase in excise duty across all tobacco products.
Excise duty is duty levied on goods manufactured in, or imported into, Singapore, according to the Singapore Customs website.
This will discourage the consumption of tobacco products, Finance Minister and Deputy Prime Minister Lawrence Wong announced during his 2023 Budget Statement.
This comes as a part of a slew of tax changes, including higher marginal Buyer’s Stamp Duty rates for higher-value residential and non-residential properties, and higher vehicular taxes for high-end luxury cars.
This increase is expected to generate around S$100 million in revenue per year, Wong said.
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