Singapore boosts sin taxes

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Singapore on Friday announced steep increases in alcohol, gambling and tobacco taxes.

Liquor taxes will be raised by 25 percent with immediate effect while duties on tobacco products will jump by 10 percent, Finance Minister Tharman Shanmugaratnam told parliament as he announced the government's 2014 budget.

Betting duties from the state-linked betting firm Singapore Pools will rise to 30 percent from 25 percent of gross bets from July.

Tharman said the measures were in line with "our social objective of avoiding excessive consumption or indulgence in these areas".

The additional duties will raise government revenue by Sg$255 million ($201 million) a year, Tharman said.