Tobacco, liquor and betting duties to go up
Excise duties on cigarettes and manufactured tobacco products will go up by 10 per cent from today.
Mr Tharman says this is expected to yield an additional revenue of about $70 million a year.
Announcing it in his Budget Statement, Mr Tharman says the duties have not gone up since 2005.
In the meantime smoking prevalence, especially among youths has increased and he wants to discourage this trend.
He also announced an immediate 25 per cent rise in liquor duties to keep pace with inflation.
The last effective increase was made 10 years ago.
He says this will result in a revenue gain of about $120 million a year.
Betting duties on lotteries will also go up by five percentage points to 30 per cent from July.
The increase affects Singapore Pools and NOT private clubs which pay different duties on their jackpot machine takings.
The additional duties will increase Government revenues by $255 million a year.
MORE 938LIVE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
Tourists in Palau clamour to dive with sharks thanks to a pioneering conservation initiative -- as the island nation plans to completely ban... More Tourists in Palau clamour to dive with sharks thanks to a pioneering conservation initiative -- as the island nation plans to completely ban commercial fishing in its vast ocean territory. 01:15
Date 4 hrs ago, Duration 1:14, Views 86