Even amidst a number of challenging situations including an increase in raw materials, the shortage of fuel and lockdown of the country, the Excise Department has succeeded in earning an income equivalent to that of the year 2021, during 11 months of this year.The income earned by the Excise Department in 2021 was Rs.139 billion.
Commissioner General of Excise M. J. Gunasiri said that it was possible to reach the expected income target even before the end of 11 months this year.
He said that accordingly, it would be possible to achieve an income of Rs. 165 billion by the end of this year. The Commissioner General also said that the prevention of revenue leakage through the programme of affixing stickers for domestic and foreign alcoholic beverages, which was initiated on January 3, 2022 is one of the main reasons for an increase in revenue.
Increase in the price of raw materials required for alcohol production especially since the beginning of 2022, the big increase in the price of ethanol, fuel shortage, lockdown in the country, the gap between people’s income and expenditure increasing and causing inflation, imposition of VAT, imposition of social security tax and a threefold increase in the price of alcohol during the year are the main factors that have contributed to the decline in demand for alcohol. Accordingly, there is a 40% decrease in demand compared to the previous year.
by Daily News Sri Lanka
, Local, ,
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