Distilleries will get adversely affected

peacockman · 1 Distilleries will get adversely affected Sat Nov 21, 2015 4:22 pm

peacockman

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Corporate tax rate of liquor companies has been reduced to 30% from the previous 45%. However, it carries a surtax at the rate of 25% of income tax liability. Measures will also be taken to reduce the illicit and illegal liquor circulation in order to increase the government revenue. For this purpose, the following measures have been proposed; • Every tax-paid liquor bottle must be labeled with a foolproof sticker • Increase the annual manufacturing license fee for a distillery to LKR 150mn • Impose a single fee of LKR 150mn for liquor manufacturers as an annual license fee instead of the present per bottle license fee system Distilleries Company of Sri Lanka will get adversely affected with the above taxes and will have to pay LKR 300mn annually. However, beer manufacturers like Lion Brewery will only have to pay LKR 150mn annually....