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China to impose consumption tax on e-cigarettes from November

China to impose consumption tax on e-cigarettes from November
© Reuters. FILE PHOTO: Visitors try out e-cigarette products at a booth during the eCig Expo (IECIE) in Shenzhen, Guangdong province, China April 14, 2019. Picture taken April 14, 2019. REUTERS/Stringer/File Photo

SHANGHAI (Reuters) – China’s Ministry of Finance will impose a consumption tax on e-cigarettes sold in China from Nov. 1, according to a notice published on Tuesday.

The taxation policy will further entrench China’s once-scattered e-cigarette industry into the country’s state-backed tobacco monopoly, a major generator of tax revenue for the country.

According to the Ministry of Finance, a tax rate of 36% will be placed on the production or import of e-cigarettes, while an 11% tax will be placed on the wholesale distribution of e-cigarettes.

(This story has been refiled to correct typo in media identifier)

Source: Investing.com

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