Singapore raises “sin” taxes on alcohol, gambling

    Singapore has raised so-called “sin” taxes on alcohol and gambling in the 2014 budget. Alcohol taxes will rise 25 percent, while duties on tobacco will jump 10 percent. Betting duties from the state-linked betting firm Singapore Pools will rise to 30 per cent from 25 per cent of gross bets from July. Deputy Prime Minister Tharman Shanmugaratnam told Parliament his annual budget speech that the move was “in line with our social objective of avoiding excessive consumption or indulgence in these areas.” Meanwhile, gross gambling revenue at Singapore’s two casinos rose 3.8 percent in 2013 to $6.07 billion. Marina Bay Sands collected $3.135 billion of the 2013 total, which was a 6.6 percent increase over 2012. Resorts World’s gaming revenue take was $2.942 billion, a 1 percent increase.