It's bad news yet again for drinkers and smokers‚ but certainly not unexpected news as the annual rise in so-called "sin taxes" is as predictable as the sunrise.
In his 2013/14 Budget‚ Finance Minister Pravin Gordhan has raised excise duties on alcoholic beverages and tobacco products by up to 10%.
Excise duties on tobacco products are determined in accordance with a targeted total tax burden (excise duties plus VAT) of 52% of the retail price. For wine‚ clear beer and spirits‚ the targeted tax burdens (excise duty plus VAT) are 25%‚ 35% and 48% respectively.
This year sees excise duties on sparkling wine rise by 10% to R8.28/litre‚ unfortified wine by 8.0% to R2.70/litre and fortified wine by 5.7% to R4.85/litre.
For malt beer‚ excise is up 7.5% to R63.81 a litre of absolute alcohol (or 7 cents per 340 ml can)‚ alcoholic fruit beverages‚ up by 7.4% to R3.19/litre. Excise on spirits has been raised by 10% to R3,60 per 750ml bottle.
Excise on cigarettes rises 5.8% to R10.92 per packet of 20‚ cigarette tobacco by 10% to R12.16/50grams‚ pipe tobacco by 9.9% to R3.54/25 grams‚ and cigars by 7% to R56.76/23 grams.
As was the case last year - and in previous years - traditional beer managed to again escape the excise tax net‚ maybe a good enough reason to try it out as an alternative tipple.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za