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The Government has reduced the rate of Special Consumption Tax (SCT) levied on hard liquor imported or taken out of bond by licensed hotels and resort cottages.
“It was decided to reduce the rate of $960 of pure alcohol to $450 on spirits other than beers and stouts, wines, liqueurs and cordials imported or taken out of bond by licenced hotels and resort cottages,” said Minister of Finance and the Public Service, Hon. Audley Shaw.
The Minister who was speaking during the sitting of the House of Representatives on Tuesday (December 14) noted that this reduction in the rate is expected to create a revenue shortfall of $160 million for the balance of this fiscal year.
He noted that tourism industry players had complained to the Government that due to prepaid booking, a number of hoteliers would not be able to absorb the additional expenses.
Meanwhile, the Finance Minister also announced the SCT on energy drinks, which will go into effect on Wednesday. This, he said, will compensate for the revenue shortfall as a result of the roll back of the tax on hard liquor.
“In order to fill the revenue gap, an ad valorem Special Consumption Tax at the rate of 15 per cent will be imposed on certain high caffeine, high energy non-alcohol beverages such as Full Throttle, Monster, Red Bull, Taboo, Xrated, Boom, Nitro, among others,” he stated.