, Hong Kong
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BUDGET 2023: Hong Kong eyes higher cigarette tax

It was proposed to increase duty on cigarettes and other tobacco products by 60 cents per stick. 

The Hong Kong government proposed to increase tax on cigarettes and other tobacco products by 60 cents per stick. 

“At present, tobacco duty accounts for about 62% of the retail price of cigarettes in Hong Kong, far lower than the rate of 75% recommended by the World Health Organization,” Financial Secretary Paul Chan said, noting that it has been over a decade since sin tax on tobacco products were raised. 

“Our target is to bring the smoking prevalence rate down from the current 9.5% to 7.8%.”

Read more: BUDGET 2023: $54.4b deficit seen in 2023/24 

In 2023/24, the government estimated that healthcare spending will amount to $104.4b, accounting for about 19% of the recurring expenditure.

 

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