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Budget 2014: Tobacco, liquor duties to go up from today

SINGAPORE – Vice taxes will go up to discourage smoking and to keep pace with inflation.

TODAY file photo

TODAY file photo

SINGAPORE – Vice taxes will go up to discourage smoking and to keep pace with inflation.

From today (Feb 21), excise duties for cigarettes, and other manufactured tobacco products, will go up by 10 per cent, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who noted that smoking prevalence has gone up, especially among youths aged 18 to 29. This is expected to yield an extra S$70 million in revenue for the Government.

Liquor duties will be raised by 25 per cent to keep pace with inflation, and is expected to yield S$120 million more a year. The last time liquor duties were raised was 10 years ago, when the duties were brought in line with international obligations.

And from July, betting duties on lotteries will go up from 25 per cent to 30 per cent of gross bets — a move that will affect Singapore Pools, but not private clubs as they pay different duties on jackpot machine takings. This will yield S$255 million more a year.

 

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Budget 2014

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