Liquor price increases

The prices of fast-moving locally manufactured liquor products of Distilleries Company of Sri Lanka (DCSL) have been reportedly increased between Rs. 30 to 40 from midnight yesterday. According to retailers, the company had revised the prices following the amendment to the Nation Building Tax (NBT) on alcohol products, in addition to existing taxes. According to Inland Revenue Department website, the NBT exemption applicable on sale of liquor by the importer himself, was removed and made liable with effect from April 01, 2018. Also, the exemption applicable to the imports of liquor and the turnover from the business of manufacture of liquor was removed and made liable to NBT. The implementation of changes to the NBT was passed in Parliament on July 18.