The government submitted next year’s tax laws: price increases are coming for cigarettes and fuel!
In accordance with his promise, Minister of Finance Mihály Varga submitted a tax bill to the parliament last week, which will bring significant changes to the tax system next year. As a result, taxes will increase in several areas, leading to further cost increases for us.
According to the government’s plans, they will raise the excise tax on tobacco and alcohol products, as well as on fuel, and they will also increase the well-known “chip tax.” Regarding fuel, the justification is to comply with the EU tax minimums, otherwise, the government would risk EU infringement proceedings.
Changes in excise tax on fuel: If the world market price of oil per barrel exceeds $50, the excise tax on gasoline will increase from 120 forints per liter to 152.55 forints, and if the world market price of oil remains below $50 per barrel, the excise tax will increase from 125 forints to 157.55 forints per liter. The excise tax on petroleum will increase from 124.2 forints to 152.55 forints per liter if the world market oil price is above $50, and from 129.2 forints to 157.55 forints if the oil price is below $50. The excise tax on diesel will increase from 110.35 forints to 142.9 forints per liter if the world market oil price is above $50, and from 120.35 forints to 152.9 forints if the oil price is below $50.
Changes in excise tax on cigarettes: For cigarettes, the excise tax will be 29,500 forints per thousand pieces and 24% of the retail price, at least 41,800 forints, instead of the previous 26,000 forints per thousand pieces and 23% of the retail price, at least 39,300 forints. For cigars, the excise tax will be 14% of the retail price, at least 4,840 forints, instead of the previous 14% of the retail price, at least 4,400 forints. For fine-cut tobacco, the tax rate will increase from 23,600 forints to 25,960 forints per kilogram. For e-liquids, the tax rate will increase from 30 forints per milliliter to 33 forints per milliliter. For smokeless tobacco products, the tax rate will increase from 23,600 forints to 25,960 forints per kilogram.
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