Government raises excise on tobacco

Today, 22 September, the Slovak government endorsed its plan to hike up excise duty on tobacco, which should generate an additional EUR 15.9 million for the state budget next year.

The law is being adopted also to meet the European Union requirement to increase excise on tobacco gradually to at least 60% of the balanced average price before 2014.

These additional revenues will give a small nudge also to reducing the public finance deficit, with an extra EUR 21.2 million expected in 2012 thanks to the hike.

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