If one of your New Year’s resolutions was to quit smoking, but you are already regretting it, we give you reason not to give up: Your habit will be more expensive in 2024 and experts calculate that the price of the pack you buy at the supermarket or your corner store go up by up to 5 pesos.
The increase in the cost of cigarettes is due to the update that the Ministry of Finance makes each year to the Special Tax on Production and Services (IEPS), based on inflation.
And what is the Special Tax on Production and Services?
The Tax Administration Service (SAT) explains that this tax is paid when producing, selling or importing gasoline, alcohol, beer and tobacco, among other goods.
“It is an indirect tax, because taxpayers do not pay it directly but rather transfer it or collect it from their clients (except for imports) and the taxpayer only reports it to the SAT,” he highlighted.
For 2024, the Ministry of Finance and Public Credit updated the payment of this tax based on the most recent inflation data, that is, the 4.32 percent for November reported by the National Institute of Statistics and Geography (Inegi).
How much will you for cigarettes in 2024?
After applying this update, the fee per cigarette applicable to manufactured tobacco will be 0.6166 pesos. According to miscellany owners, the increase may mean that you pay 4 pesos more for lower-priced packs of cigarettes and 5 pesos more for expensive ones.
According to the SAT, among the tobaccos affected by the update are:
Cigars, with or without filter, made with a mixture of blonde tobacco or dark tobacco, wrapped with paper or any other substance that does not contain tobacco.
Cigars, those made, made and rolled 100 percent with tobacco leaves or any other substance containing tobacco.
Other manufactured tobaccos not included in the previous sections such as sifted, chopped, string, chewing tobacco, as well as snuff.
