Tag: Budget

United Kingdom hikes wine duty but freezes duty on beer, spirits and cider

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UK – United Kingdom Chancellor Phillip Hammond has announced that duty tax on wine will increase while that on beer, spirits and cider would remain the same in line with the rate of inflation, effective 1 February 2019. Duties on beer and spirits will remain at the same level as last year in a bid to help the country’s pubs while those on wine will increase in line with the retail price index. However, tax on high-strength, cheap white ciders will also rise. In his UK Budget 2018 outline, the Chancellor…

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Kenya Budget 2018: Govt prioritizes agricultural and manufacturing agenda but consumers may have to pay more

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KENYA – With a long term goal of ‘creating jobs, transforming lives and sharing prosperity’, the 2018 budget centred at the government’s Big 4 Agenda of growing the contribution of manufacturing GDP from 9% to 15%, but consumers may be required to pay more due to proposed amendments to the VAT Act 2013, considered to be lowest charged at 16% compared to some other countries. The Cabinet Secretary (CS) National Treasury, Henry Rotich proposed the several regulatory and tax incentives to support the Big 4 agenda which also seeks to…

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India doubles budget allocation for food processing sector

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INDIA – To ensure better returns to farmers, the government today doubled budget allocation to the food processing ministry to Rs 1,400 crore (US$218.4 million) for 2018-19 fiscal and set up institutions to finance agro-processing projects. To encourage each district to focus on cultivation of specific crops, the government will re-orient current schemes and promote cluster-based development of agri-commodities. To protect the domestic industry, the government has proposed to hike customs duty on orange fruit juices from 30 per cent to 35 per cent, on other fruit juices and vegetable…

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