11% decrease in alcohol sales due to recent Excise Duty
The recent Excise Duty on liquor bases on alcohol volume had resulted in 11% decreased sales of alcohol during the last six months, Minister of Finance Mangala Samaraweera told Parliament last week.
The Minister made this disclosure while taking part in yesterday’s second reading debate on the Excise (Amendment) Bill.
He pointed that the amendments included a decision to introduce a sticker for every bottle of arrack that was produced legally. This, he said, would lead to a reduction in illegally-produced alcohol from contaminating the market while increasing Government revenue through excise duty.
The Minister noted that the Government would gain an additional revenue between Rs. 20-25 billion as a result of this decision.
The Parliament last week passed the Excise (Amendment) Bill.