Sunday 23 September 2018
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1 months ago

Gov’t to jack up further taxes on alcoholic drinks

By 2020, manufacturers and consumers of alcoholic drinks should brace for higher excise tax rates given the government s intention to further cut down consumption of sin products in the country and collect more revenue. An updated proposal of the Department of Finance showed that it wanted an ad valorem tax of 25 percent slapped on distilled spirits starting 2020. Distilled spirits will also be slapped a specific tax of 40 percent per proof liter in 2020, 45 percent in 2021, 50 percent in 2022, 55 perce

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