Arab Today, arab today singapore raises duties on liquor tobacco betting
Last Updated : GMT 00:30:31
Arab Today, arab today
Arab Today, arab today

Singapore raises duties on liquor, tobacco, betting

Arab Today, arab today

Arab Today, arab today Singapore raises duties on liquor, tobacco, betting

Singapore - XINHUA

Singapore government will further increase liquor duties by 25 percent, and taxation on cigarettes and other tobacco products by 10 percent, with immediate effect, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced on Friday. Betting duties on lotteries will go up from 25 percent of gross bets to 30 percent. Tharman said that more people are smoking, especially young people aged between 18 and 29, and that the increase in the excise duties is in line with the government's social objective of avoiding excessive consumption or indulgence in these areas. The duties on cigarettes and manufactured tobacco products had not changed since 2005. The increase is also expected to result in additional revenue of about 70 million Singapore dollars (56 million U.S. dollars) a year for the government. The liquor duties were last effectively increased in 2004 to bring them in line with international obligations. The increase in excise duty rates this year is to keep pace with inflation. Tharman said the increase will bring an additional revenue gain of about 120 million Singapore dollars (95 million U.S. dollars) a year. The rise in betting duties will increase government revenue by 255 million Singapore dollars (202 million U.S. dollars) a year. The retail prices for liquors and tobacco products in Singapore have been in line with the standards in developed economies, partly thanks to heavy duties to discourage consumption. Singapore currently taxes liquors on the basis of alcoholic content rather than on the basis of volume. The duty rates for most of the liquors will be raised from 70 Singapore dollars per liter of alcohol to 88 Singapore dollars per liter. The rate of taxation on most of tobacco products went up by 10 percent to 352 Singapore dollars or 388 Singapore dollars per kilogram. (1 U.S. dollar =1.26 Singapore dollars)

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Arab Today, arab today singapore raises duties on liquor tobacco betting Arab Today, arab today singapore raises duties on liquor tobacco betting

 



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