Single tax rate for vape products seen to boost government revenues, curb illicit trade

Single tax rate for vape products seen to boost government revenues, curb illicit trade

Lawmakers and fiscal policy experts are pushing to unify excise tax rates on vapor products, noting that the current dual-rate system has fueled tax evasion and illicit trade while a single rate would close loopholes and strengthen revenue collection at a critical time when the nation needs economic boost.“The distinction between nicotine salt and freebase products has created opportunities for widespread misdeclaration and tax leakage. We need …