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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka raises hard alcohol, beer taxes

Sri Lanka raises hard alcohol, beer taxes

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

By Jayantha Kovilagodage
July 31, 2013 (LBO) - Sri Lanka has raised taxes on hard alcohol by 75 rupees a proof litre and beer by 10 rupees per litre along with cigarettes which will help keep revenue targets on track, an official said.

The price of a bottle of arrack (which has a little over 30 percent alcohol) is expected to go up by about 25 to 30 rupees as a result of the new excise duty.

Deputy Treasury Secretary S R Attygalle said today's measures will bring in 2.5 billion rupees in revenue to help keep to targets established in the budget last November.

Sri Lanka also raised the excise duty on cigarettes today, triggering a 2 and 3 rupee increase in a stick based on the length.

The mid-year tax hike will not bring in additional revenue above budget projections but simply keep targets on track, he said.
http://www.lankabusinessonline.com/news/sri-lanka-raises-hard-alcohol,-beer-taxes/771132709

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