In South Korea, a parliamentary committee approved a bill to increase the tax on heated tobacco. This increase, which could reach 90%, worries tobacco manufacturers like Philip Morris.
AN INCREASE IN 90% OF TAXES ON HEATED TOBACCO
A Korean parliamentary committee approved a bill to increase the tax on unheated cigarettes (HNB). The proposed increase being 90% this could increase the price of heated products like IQOS or Glo.
Last Friday, the Strategy and Finance Committee of the National Assembly adopted the draft revision of the tobacco tax code. If the bill passes in parliamentary plenary session, the new tax rate will be effective from mid-December.
An official from British American Tobacco (BAT) Korea said, " If the tax goes up, it will have a huge impact on the cost, so we will have to think about increasing our prices "
