Alcohol industry spokesperson Sibani Mngadi said in a statement on Tuesday that the Treasury had proposed a 90-day suspension for the payment of excise tax on alcohol.Mngadi said the sector had last month applied for the deferment of R5.1bn in excise tax due to the SA Revenue Service until the ban on sales is lifted.
“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,” he said. “The sustainability of the sector, now and in the post-Covid-19 era, was dependent on this deferment if further job losses are to be avoided.”
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Treasury allows liquor industry to pay excise duties of R5.1bn after 90 daysThe 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. alcoholban
Source: IOL - 🏆 46. / 51 Read more »
Source: ewnupdates - 🏆 30. / 53 Read more »