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)
