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Cabinet agrees to raise tobacco tax next year

Prices of cigarettes and tobacco products are set to go up as of next year. On August 22, the Cabinet approved the draft revision to the law on the excise tax on tobacco and tobacco products that will raise excise taxes as of January 1, 2008.

The minimum excise tax per cigarette will increase from the current Sk1.70 to Sk2.10 next year. The same tax will apply to cigars, which currently have a tax of Sk1.40. Excise tax per kilogram of tobacco will go up from Sk1,350 to Sk1,930 according to the proposal.

Last year, there were 4.3 billion cigarettes released on the market at an average excise tax per piece of Sk1.82. The draft proposed by the Finance Ministry is expected to bring an extra Sk1.2 billion to the state budget next year.

In 2009, revenues exceeding Sk1.41 billion could be expected, and in 2010 it would be Sk1.46 billion.

-SITA

Compiled by Zuzana Vilikovská from press reports
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