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Japan Tobacco (2914) · RiskRaisedLatest Results presentation (2026-10-29): "Materialised"

Tax Increases and Tighter Regulations Affecting Tobacco Demand

First written in FY2016. 4 of 16 entries say "Raised", first in FY2022. Latest entry: 2026-10-29.

16entries
10years
2from disclosures
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How it moved
ProgressHeldSoftenedWorseWorsenedFY2019-Q3 – FY2019OtherFY2020 – FY2021RaisedFY2022 – FY20252017: 120172018: 320182019: 320192020: 120202021: 120212022: 120222023: 120232024: 120242025: 120252026: 32026
Same theme, other companies
Weak demand due to tobacco price increases and smoking restrictionsA theme 2 companies write about · 2 as a headwind · 0 as a tailwind

0 other companies' latest entry also says "Materialised".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2025RaisedAnnual report

    「Further tax rate changes are scheduled for 1 April 2027, 1 April 2028 and 1 April 2029 onward in connection with the FY2025 tax reform.」

    Under the FY2025 tax reform, the national tobacco tax is scheduled to increase by ¥500 per 1,000 cigarettes each year from 2027 through 2029, and the taxation method for heated tobacco products will also be revised in 2026.
  2. FY2024RaisedAnnual report

    「The Outline of FY2025 Tax Reform, approved by the Cabinet on 27 December 2024, stated that, as a tax measure to secure funding for strengthening defense capabilities, including tobacco taxes, the taxation method for heated tobacco products would be revised and the national tobacco tax rate would be increased by ¥1,500 per 1,000 cigarettes.」

    A revision to the taxation method for heated tobacco products and a ¥1,500 per 1,000-cigarette increase in the national tobacco tax were newly announced, with phased implementation from 2026 through 2029.
  3. FY2023RaisedAnnual report

    「The Outline of FY2024 Tax Reform, approved by the Cabinet on 22 December 2023, stated that tax measures to secure funding for strengthening defense capabilities, including tobacco taxes, would be pursued in line with the Outline of FY2023 Tax Reform. Regarding tobacco taxes, it was decided to eliminate the difference in tax burden between heated tobacco products and cigarettes, then raise the national tobacco tax rate, securing funding equivalent to ¥3 per cigarette through increased revenue from appropriate taxation.」

    Regarding the previously disclosed policy of an increase equivalent to ¥3 per cigarette from 2024 onward, the filing adds an approach combining the elimination of the difference in tax burden between heated tobacco products and cigarettes with an increase in the national tobacco tax rate.
  4. FY2022RaisedAnnual report

    「The Outline of FY2023 Tax Reform, approved by the Cabinet on 16 December 2022, stated that a tobacco tax increase equivalent to ¥3 per cigarette would be implemented in phases at an appropriate time from 2024 onward, while giving due consideration to the impact on domestic leaf-tobacco farmers and ensuring predictability.」

    In addition to the phased tax rate increase in October 2022, a policy was announced to implement an additional increase equivalent to ¥3 per cigarette from 2024 onward. quantified is true and materialized is true.
  5. FY2021Phased implementation of tax rate increasesAnnual report

    「Following the FY2018 tax reform, the tobacco tax rates imposed by the national and local governments were revised in phases from 1 October of that year, and the new tax rates took effect on 1 October 2021.」

    The phased revision of tobacco tax rates under the FY2018 tax reform culminated in the new tax rates taking effect on 1 October 2021.
  6. FY2020Tax rate increases implemented and additional increases scheduledAnnual report

    「October 2020. Tax increases were implemented under the FY2018 tax reform. Tax increases were implemented under the FY2020 tax reform.」

    Tobacco tax increases based on the FY2018 and FY2020 tax reforms were implemented in October 2020, and further tax rate changes were scheduled from October 2021 onward.
  7. FY2019WorsenedAnnual report

    「The Outline of FY2020 Tax Reform, approved by the Cabinet on 20 December 2019, stated that, as part of the revision of tobacco taxes, the taxable base for lightweight cigars, meaning cigars weighing less than 1 g per cigar, would be calculated by treating 1 cigar as equivalent to 1 cigarette.」

    The scope of tobacco taxation was expanded to include lightweight cigars, and a revision to the taxation method was scheduled for October 2020.
  8. FY2019-Q3WorsenedAnnual report

    「In particular, in the United States, the federal government and several state governments have begun considering or adopting regulatory measures including bans on the sale of flavored electronic cigarettes, and the number of countries and regions considering similar regulations may increase in the future.」

    In addition to previous revisions to domestic regulations, the filing states that bans on the sale of flavored electronic cigarettes and other measures have been considered or adopted in the United States, and that similar regulations may spread.
  9. FY2019-Q2Revision of advertising and sales-promotion regulationsAnnual report

    「Partial amendments to the ministerial ordinance, the Ordinance for Enforcement of the Tobacco Business Act, as well as advertising guidelines and related public notices, were promulgated on 14 June 2019. In response, the voluntary standards of the Japan Tobacco Association, a general incorporated association, concerning advertising, sales-promotion activities and other matters observed by the Company were revised on the same day.」

    The ministerial ordinance, advertising guidelines, related public notices and industry voluntary standards were revised in connection with changes to warning labels on tobacco products and advertising regulations.
  10. FY2018Implementation of tobacco tax reformAnnual report

    「As part of the revision of tobacco taxes under the FY2018 tax reform, tobacco tax rates imposed by the national and local governments were increased by ¥3,000 per 1,000 cigarettes, and a new tax category was established for heated tobacco products, followed by a revision of the taxation method based on their product characteristics.」

    The filing states that tobacco tax rates were increased by ¥3,000 per 1,000 cigarettes and the taxation method for heated tobacco products was revised, with the changes to be phased in through 2021 and 2022.
  11. FY2018-Q3RestatedAnnual report

    「The Act Partially Amending the Health Promotion Act, described in the previous fiscal year's annual securities report under '2. Business Overview, 4. Business and Other Risks, (2) Matters Relating to the Group's Tobacco Business, ④ Regulations on Manufactured Tobacco' (Act No. 78 of 2018), was enacted in July 2018.」

    The filing repeats the fact that the amended Health Promotion Act relating to regulations on manufactured tobacco was enacted in July 2018.
  12. FY2018-Q2Enactment of the Health Promotion ActAnnual report

    「The Act Partially Amending the Health Promotion Act, described in the previous fiscal year's annual securities report under '2. Business Overview, 4. Business and Other Risks, (2) Matters Relating to the Group's Tobacco Business, ④ Regulations on Manufactured Tobacco' (Act No. 78 of 2018), was enacted in July 2018.」

    Regarding regulations on manufactured tobacco, the filing states that the amended Health Promotion Act, which had been disclosed since the previous fiscal year, was enacted in July 2018.
  13. FY2017WorsenedAnnual report

    「The Outline of FY2018 Tax Reform, approved by the Cabinet on 22 December 2017, stated that tobacco tax rates imposed by the national and local governments would be increased by ¥3 per cigarette, and that a new tax category would be established for heated tobacco products, followed by a revision of the taxation method based on their product characteristics.」

    The Cabinet-approved measures specified a ¥3 per-cigarette increase in tobacco tax and a revision of the taxation method for heated tobacco products.
  14. FY2016First statedAnnual report

    「Demand in the domestic tobacco market has continued to decline, reflecting Japan's declining birthrate and aging population, growing awareness of smoking and health, higher taxes and tighter regulations concerning smoking, and other factors. This downward trend is expected to continue.」

    Higher taxes and tighter regulations on advertising, packaging, sales, secondhand smoke and other matters are identified as risks affecting demand, market share and compliance costs.
Moved together

"Decline in total demand in the domestic tobacco market" moved the same way as this thread, in the same document, in 5 of its 16 moves.

555443★123456
  1. ★This thread
  2. 1Decline in total demand in the domestic tobacco market5×
  3. 2Strengthening Efforts in Emerging Products5×
  4. 3Executive Compensation Linked to Medium- to Long-Term Corporate Value5×
  5. 4Capital Allocation Including Dividends and Share Repurchases4×
  6. 5Governance Framework Supporting Transparent, Fair and Rapid Decision-Making4×
  7. 6Sustainable Growth Over the Medium to Long Term3×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Japan Tobacco's next results are scheduled for 2026-10-29. Read the earnings preview It last moved in the Results presentation of 2026-10-29: "Materialised".
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