Upcoming Increase in Excise Taxes on Cigarettes, Alcohol, and Gas in Russia: Know the Updates and Implications for 2024

2023-10-17 13:58:00

The State Duma adopted the bill in the first reading, which provides for an increase in excise taxes on cigarettes and alcohol. The change will take effect in 2024.

“The State Duma adopted in the first reading the rules according to which, from 2024, the excise tax on cigarettes will increase by 3% from the previously planned level,” TASS reports. They added that norms have also been adopted according to which, from May 1, 2024, excise tax rates on some types of alcoholic products will increase. It is noted that the excise tax on wine may triple.

Earlier, the State Duma of Russia adopted a bill in the first reading, providing for tax increase for gas production. It was reported that the mineral extraction tax on gas will be increased due to the indexation of wholesale prices.

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