Recently, Indonesian media ddtc reported that the Singaporean government stated that it was not overly worried about the impact of the vape ban policy on national revenue.
Singapore Finance Minister Lawrence Wong said that the vape ban policy will indeed reduce potential consumption tax revenue. However, he continued, the policy is a top priority to protect public health.
“The potential loss of tobacco excise tax revenue due to reduced consumption of tobacco products was not a factor in this decision.”
Lawrence Wong made the statement in response to questions from members of Congress. Mr Lam asked Mr Huang about the total potential consumption tax revenue lost due to the vape ban since 2018.
Lawrence Wong explained that the government is concerned about public health. As a result, governments seek to protect the public from the dangers of vapes.
He explained that the potential losses from legalizing vapes are as great as those for other tobacco products. Therefore, the government insists that it will not change its policy banning vapes.
He said the government has no plans to change policy “as we prioritize protecting public health and preventing harm, especially to Singapore’s young people.”
The Singapore government has made vapes illegal in Singapore and imposes fines of up to S$2,000 on offenders. Those who import, distribute or sell these products will be subject to harsher penalties, including imprisonment.
The Singaporean government also announced in December 2023 that as part of its efforts to prevent the illegal entry of vapes, it would strengthen inspections at the country’s land, sea and air entry points. In addition, the government has tightened controls on the sale of vapes through social media and online shopping sites.
For Veehoo vapes, local ban policies will have a direct impact on its market entry and sales. But the company can still succeed by innovating and adapting to new market conditions. They can continue to be committed to providing safe, high-quality vape products and work with relevant agencies to jointly promote reasonable regulatory and educational measures to ensure that public health is protected.
Tags: Singapore vape ban，veehoo vape