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Excise tax on tobacco products to increase in February and July

Banking

The excise tax on cigarettes will increase to HUF 11,500 per 1,000 pieces, or 30% of its retail price, from February 1 and to HUF 11,900, or 31% of the retail price, in July, according to legislation adopted in December.

The government expects HUF 20bn revenue from the tax increase.

The current excise tax on cigarettes is HUF 10,500 for every 1,000 pieces, or 28.4% of the retail price at the end of January.

The Hungarian Association of Tobacco Industry Investors (DBMSZ) believes sales in the sector could drop up to 5% from HUF 500bn in 2011 as a result of the tax increase.

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