Sinning in Singapore gets more expensive

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Singapore skylineWith Singapore’s new budget 2014/15, the so-called “sin” taxes on tobacco, alcohol and gambling are going up in the city state, 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 although cigarettes are already extremely expensive in Singapore.

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, the only legal lottery operator in Singapore, 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 Straits Times reported.

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.

Other changes in the budget comprise more social spending for the elderly, low-cost housing tenants, education, healthcare and research and development, as well as support for businesses, especially SMEs.

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Reading Time: 1 minute

With Singapore’s new budget 2014/15, the so-called “sin” taxes on tobacco, alcohol and gambling are going up in the city state, 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 although cigarettes are already extremely expensive in Singapore.

Reading Time: 1 minute

Singapore skylineWith Singapore’s new budget 2014/15, the so-called “sin” taxes on tobacco, alcohol and gambling are going up in the city state, 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 although cigarettes are already extremely expensive in Singapore.

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, the only legal lottery operator in Singapore, 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 Straits Times reported.

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.

Other changes in the budget comprise more social spending for the elderly, low-cost housing tenants, education, healthcare and research and development, as well as support for businesses, especially SMEs.

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