The alcohol industry is holding its breath after a recent meeting with the Treasury to discuss possible changes to alcohol excise duties that could raise beer excise by 20%, among other measures.
Business Times understands that the Treasury held a virtual meeting with alcohol producers in November to discuss proposed excise adjustments to wine and beer aimed at reducing alcohol consumption.
Alcohol companies confirmed the meeting, with wine, beer and spirits producers warning that excise increases that push prices above inflation could drive consumers towards the illicit alcohol market — undermining both revenue collection and efforts to reduce consumption.
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