Credibility, Taxation, and the Illicit Market: Tim Phillips’ Urgent Perspective
Tim Phillips, Managing Director of TobaccoIntelligence, provided an overview with a frank assessment of the challenges—and opportunities—facing novel nicotine products under the EU’s evolving Tobacco Excise Directive (TED). The Tax Credibility Paradox Phillips underscored a unique irony: while taxation is often viewed as punitive, being taxed can actually confer regulatory legitimacy. “Without excise, regulators and…







