NZ to introduce new excise duties on tobacco products from Jan 1

WELLINGTION: The annual indexation increase to excise and excise-equivalent duty rates together with a separate 10 percent increase will take place on 1 January 2017.

The annual indexation increase is based on the movement in the All Groups Consumers Price Index (excluding credit services) over the 12-month period to 30 September 2016.

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In addition to the annual indexation increase, the duty rates are also increased by 10 percent. This is the first of the four 10 percent increases that was announced in the 2016 Budget and legislated for in the Customs and Excise Act 1996.

The new rates are those set out in the Excise and Excise-equivalent Duties Table (Tobacco Products Indexation and Separate 10% Increase) Amendment Order 2016.