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December budget provisions
Well done, Wine Board - a neat summary by e-mail, promptly.
Budget - Excise Duty Decreases
Excise Duty on alcohol has been reduced with effect from midnight on 9th December and the standard rate of VAT will be decreased from 21.5% to 21.0% from 1st January 2010.
The reductions, when VAT is included, amount to:
• 12 cent on a pint of standard beer and cider
• 8 cent on a 33cl bottle of beer (4.7% alcohol content)
• 60 cent on a standard 75cl bottle of wine
• 14 cent on a standard measure of spirits
• €2.76 on a standard 70cl bottle of spirits (40% alcohol content)
Revenue has stated that pro-rate reductions are being applied to other alcohol products. These changes are welcomed by the industry and, combined with the UK Government announcement that VAT will be increased from 15% to 17.5% on 1st January, will help reduce cross-border trade and protect jobs.