$3.2b in tobacco duties collected between 2022 and 2024: Jeffrey Siow

Revenue from tobacco duties in the three-year period between 2022 and 2024 reached a total of $3.24 billion. 

The update was given on Monday (Jan 12) by Senior Minister of State for Finance Jeffrey Siow in a written response to a parliamentary question by MP Lee Hui Ying (Nee Soon GRC). 

Lee has asked whether there has been an annual tax collected on tobacco product sales over the last three years. 

She also asked what the rate of increase in such revenue was over the said period. 

Referring to data published on the Singapore Customs' website, Siow, who is also the Acting Minister for Transport, said that the revenue collected from tobacco duties was $1.11 billion in 2022, $1.02 billion in 2023, and $1.11 billion in 2024. 

Singapore announced an increase in exercise duties for tobacco products during Budget 2023.

The increase — by 15 per cent — was expected to generate about S$100 million in additional revenue a year, said Prime Minister Lawrence Wong, who was then the deputy prime minister, in his Budget speech that year. 

PM Wong is also Singapore's Finance Minister, a post he has held since May 2021. 

Checks by AsiaOne on the Singapore Customs' website indicate that the full-year duties collection for 2025 was $1.09 billion, or about 98 per cent of the amount collected in 2024. 

editor@asiaone.com