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Beverages manufacturers may hike prices to cushion new excise duty, competition



Manufacturers of alcoholic beverages and carbonated drinks may have a tough time trying to manage their revenue margin, following plans by the Federal Government to review excise duty on such drinks, while struggling with growing competition and weak consumer demand.

Having raised excise duty for alcoholic beverages and tobacco to reduce health hazards, the federal government announced last month that it was working on modalities to increase Value Added Tax on some carbonated drinks and beverages like Coke, Pepsi, and energy drinks may be affected.

Minister of Finance, Zainab Ahmed, stated this at the inauguration of the Strategic Revenue Growth Initiative.

Ahmed said the federal executive council will take a request to the National Assembly for an amendment of the VAT law.

The Guardian, Wednesday 13, March.

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