Singapore Budget 2014: Duties on alcohol, tobacco and gambling to rise
Published on Feb 21, 2014 5:53 PM
The so-called "sin" taxes on tobacco, alcohol and gambling are going up, with alcohol taking the biggest hit.
Excise duties for all types of liquor will rise by 25 per cent, while cigarette and manufactured tobacco levies will go up by 10 per cent.
The betting duty rates on lotteries will increase to 30 per cent of gross bets from July 1 this year, up from 25 per cent previously.
This will affect Singapore Pools but not private clubs as jackpot machine takings come under a different duty scheme.
The hikes on cigarettes and tobacco will net the Government $70 million more a year. Liquor levies will add $120 million and betting $255 million.
The move is in line with the Government's social objectives of avoiding excessive consumption or indulgence in these areas, said Finance Minister Tharman Shanmugaratnam, who noted that duties on tobacco and liquor have not gone up for almost a decade.
For more news and analysis on Singapore Budget 2014, click here for ST's Big Story coverage.