A recent analysis has revealed a staggering $2.5 billion (3.3895 trillion won) loss in potential tax revenue for South Korea over the past four years due to a legislative oversight regarding synthetic nicotine e-liquids. This significant gap in taxation has emerged because while naturally-derived nicotine e-liquids have been subject to taxes since 2021, their synthetic counterparts have remained exempt despite having nearly identical compositions.
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The South Korean government is set to implement comprehensive regulatory measures for synthetic nicotine, targeting a growing market segment that has previously escaped tobacco control regulations. Officials from the Ministry of Health and Welfare and the Ministry of Economy and Finance announced plans to amend existing tobacco-related legislation.
Read moreIn a concerning trend, synthetic nicotine e-cigarettes have become increasingly accessible to minors in South Korea, with lax regulations and enforcement enabling their widespread distribution through unmanned stores and online platforms. As of May 9, 2024, the majority of these products remain in a “regulatory blind spot,” leaving the door open for teenagers to easily purchase them without proper age verification.
Read moreA sophisticated tax evasion scheme involving the misclassification of nicotine products has resulted in significant revenue losses for the South Korean government. Importers falsely declared natural nicotine as synthetic nicotine to exploit regulatory loopholes, according to recent customs data.
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