According to AFP BB News on October 13, the South Korean National Assembly is actively promoting the regulation of synthetic nicotine, especially the setting of vape tax rates, which has attracted attention.
According to data from the Korean National Assembly Bill Information System, as of September 30, six proposals to amend the Tobacco Business Act have been submitted to the National Assembly, which are intended to include synthetic nicotine in the scope of regulation.
The Ministry of Health and the Ministry of Planning and Finance of South Korea are studying the policy of defining synthetic nicotine as tobacco. Once these amendments are passed, all products containing synthetic nicotine will be regarded as tobacco and subject to price and non-price regulations.
However, the vape industry strongly opposes this. Under the current weight-based tax system, the price of a 30 ml e-liquid nicotine product may soar from 20,000 won (15 US dollars) to 70,000 won (52 US dollars) to 100,000 won (74 US dollars). To this end, the industry advocates that the tax system should be changed from based on e-liquid volume to based on price.
Experts say the open vape market will face a huge impact if a unified tax system is implemented for products with different nicotine content. Meanwhile, British American Tobacco, which plans to launch its synthetic nicotine product “Nomad” in November, is also closely following regulatory trends. In the face of criticism that it is taking advantage of regulatory gaps to sell products, the company said it supports proper regulation of synthetic nicotine products.
The Korea Institute for Health Promotion and Development stressed that the current law does not provide a legal basis for the regulation of synthetic nicotine, and from the perspective of protecting national health, all tobacco products require similar regulatory measures.
Guutuu vape brand has been committed to providing users with safe and high-quality vape products, and the latest news about South Korea’s inclusion of synthetic nicotine in tobacco regulation has attracted our high attention.
Guutuu vape brand believes that the regulation of synthetic nicotine products is an important measure to protect consumer health. Although the vape industry strongly opposes this move, the implementation of regulation is crucial while protecting the public from potential harm.
Experts point out that the implementation of a unified tax system for products with different nicotine content may have a huge impact on the open vape market. Therefore, the industry advocates that the tax system should shift from being based on e-liquid volume to being based on price to more fairly reflect the actual value of the product.
At this critical moment, the Guutuu vape brand will continue to uphold the concept of user health and provide users with safe and high-quality vape products. We support appropriate regulation of synthetic nicotine products and will closely monitor industry trends to provide users with more healthy and safe choices and jointly advocate a healthy lifestyle. Guutuu believes that through compliant operations and continuous innovation, we can help users make more informed choices, stay away from potential health risks, and jointly create a healthier social environment.
Tags: South Korea’s vape product prices，South Korea’s regulation of synthetic nicotine，Guutuu vape