allesennogwat
MOSCOW - RUSSIA'S lower house of parliament, or Duma, cleared the final reading of a bill to triple duties on beer, a move likely to anger brewers who fear a major slump in the country's beer market.
The bill, approved by a majority of 313 votes, clears the way for the duty on beer to increase to 9 roubles (S$0.435) next year from the current 3 roubles.
Government officials have said the bill will bring in an extra 65 billion roubles of budget revenues in 2010, but market participants say the industry would incur heavy losses.
Danish brewer Carlsberg , which owns Russia's biggest brewer Baltika and generates nearly half its profits from Russia, has seen its shares tumble on the news about plans to raise the duty.
According to the bill, the excise tax will rise further to 10 roubles in 2011 and to 12 roubles in 2012.
http://www.straitstimes.com/BreakingNews/World/Story/STIStory_454044.html
The bill, approved by a majority of 313 votes, clears the way for the duty on beer to increase to 9 roubles (S$0.435) next year from the current 3 roubles.
Government officials have said the bill will bring in an extra 65 billion roubles of budget revenues in 2010, but market participants say the industry would incur heavy losses.
Danish brewer Carlsberg , which owns Russia's biggest brewer Baltika and generates nearly half its profits from Russia, has seen its shares tumble on the news about plans to raise the duty.
According to the bill, the excise tax will rise further to 10 roubles in 2011 and to 12 roubles in 2012.
http://www.straitstimes.com/BreakingNews/World/Story/STIStory_454044.html