European Parliament reviews potential excise tax increases on tobacco products

The European Parliament has released a study regarding proposed revisions to the minimum excise duty rates for tobacco products across European Union member states. Implementation of these changes would necessitate significant tax adjustments in several countries, including Cyprus, Greece, Hungary, and Bulgaria, where rates would need to increase by over 80%. For Cyprus, the current minimum excise tax of approximately 120 euros per 1,000 cigarettes could rise to 220 euros, potentially increasing the price per pack by about 2 euros. Current tax structures vary widely across the bloc, ranging from 2.03 euros per pack in Bulgaria to 10.71 euros in Ireland. Reports indicate that the final price per pack could reach up to 6.50 euros depending on the member state. These measures remain proposals and must be formally voted upon and approved by the European Parliament before they can be enacted. The adjustment aims to harmonize tax policies and address current discrepancies in tobacco pricing within the EU.