BUSINESS

HNB Health Promotion Fund tax hike passes subcommittee

By Won Ho-jung
  • Published : Nov 24, 2017 - 16:56
  • Updated : Nov 24, 2017 - 16:56

The bill subcommittee of the Health and Welfare Committee in the Korean parliament agreed to increase taxes for the Health Promotion Fund on heat-not-burn tobacco products Thursday.

The amendment to the National Health Promotion Act, if passed by the National Assembly, would raise taxes collected for the Health Promotion Fund from heat-not-burn tobacco product sales to 750 won ($0.70) per pack from the current 438 won per pack.

IQOS from Philip Morris International (PMI)

Taxes levied on tobacco products, including the newly introduced heat-not-burn products such as IQOS from Philip Morris International, are composed of a number of separate taxes.

Earlier this month, the National Assembly voted to raise the individual consumption tax on heat-not-burn cigarettes to 90 percent of the taxes levied on combustible cigarettes. 

By Won Ho-jung (hjwon@heraldcorp.com)


LEADERS CLUB