In South Korea, a parliamentary committee approved a bill to increase the tax on heated tobacco. This rise, which could bring everything up to 90%, worries tobacco companies like Philip Morris.
A Korean parliamentary committee approved a bill to increase the tax on unheated cigarettes (HNB). The proposed increase being 90% this could increase the price of heated products like IQOS or Glo.
Last Friday, the National Assembly's Strategy and Finance Committee adopted the bill to revise the tobacco tax code. If the bill goes into a parliamentary plenary session, the new tax rate will be effective by mid-December.
An official from British American Tobacco (BAT) Korea said, " If the tax goes up, it will have a huge impact on the cost, so we will have to think about increasing our prices ".