Plans for a significant ‘Euro-tax’ on cigarettes and tobacco products in Europe are met with warnings of increased smuggling, particularly from Greece. This policy aims to reduce smoking rates and generate revenue but carries risks of unintended consequences. Negative factors include potential increases in illicit trade, reduced tax revenue if smuggling is widespread, and potential negative impacts on legitimate businesses in border regions. Positive aspects are the public health goal of discouraging smoking and potential revenue generation if implemented effectively. Investors in the tobacco or related industries should monitor these regulatory changes. The effectiveness of such taxes often depends on robust enforcement measures against smuggling.