Johannesburg – The liquor industry has welcomed the National Treasury's decision to grant them permission to pay excise tax due on alcoholic beverages of R5.1 billion after 90 days while waiting for the government to lift the ban on the sale of alcohol.
The Treasury has proposed a 90-day deferral for the payment of excise taxes on alcohol between August and September, 2020.“With the reintroduction of the ban on all alcohol sales with immediate effect from July 12, the industry and its entire value chain faced a crippling financial crisis,” Mngadi said.
Mngadi said this was money that was vital to the country’s economic future and that the focus should be on reviving the sector as quickly as possible. “The fact that the South African Medical Research Council is also calling for a lifting of the blanket ban on alcohol sales confirms our belief that there are better and more sustainable alternatives to the ban."
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Treasury grants alcohol industry request for excise tax suspensionThe National Treasury has granted a request by the alcohol industry for a deferment of excise tax on liquor.
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