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Sep 16, 2020
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The Ministry of Finance named the cost of cigarettes after the increase in excise tax

Finance Minister Anton Siluanov said how much the price for a pack of cigarettes would rise if the excise tax increased by 20 percent, RIA Novosti reported.

According to Siluanov, the increase in excise tax will add about 20 rubles to each pack of cigarettes worth about 120 rubles. Thus, the rise in price will be about 17 percent.

Earlier it became known that the Ministry of Finance of the Russian Federation has prepared a draft amendment to the Tax Code, suggesting an increase in the next year the excise rate on cigarettes, tobacco products and electronic cigarettes by 20 percent. It was reported that this proposal was approved by the commission on legislative activities and will be considered in the Cabinet.

Note that the current version of the Tax Code provides for an increase in the excise rate from next year by 4%.

In turn, the Prime Minister of the Russian Federation Mikhail Mishustin announced the initiative to index the rates of excise taxes on tobacco products more significantly than inflation. The government also sees the need to increase the taxation of "a number of profitable industries", for which it is necessary to change the "parameters of the tax on additional income in the extraction of hydrocarbons", revise the parameters of a number of benefits in the oil and gas sector and "increase the payment for the use of natural resources."

According to Mishustin, the purpose of these plans is to provide income for the implementation of social obligations.

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