Cargill reports financial results for fiscal 2018 third-quarter

MINNEAPOLIS - Cargill has reported financial results for the fiscal 2018 third quarter and first nine months ended Feb 28, 2018, reporting a 22% decrease in its net income from last year’s US$715 million. According to the company, these earnings included a net charge of US$161 million related to the recently enacted U.S. Tax Cuts…

High refined sugar prices grow Dangote Sugar’s revenue by 20%

NIGERIA - Dangote Sugar, the Nigerian refined sugar manufacturer grew its revenue by 20.44% to US$568.28 million in its full year ended December 31, 2017 attributed to high prices of refined sugar. The company posted a profit before tax of US$149m, a 173% increase from US$54.52million recorded in the corresponding period of last year. According…

South Africa’s sugar tax starts operation, joins UK and Ireland

SOUTH AFRICA - South Africa’s sugar tax billed as a new health-promotion levy has started operation, requiring consumers to pay 2.1 cents per gram of added sugar or other sweetening matter that exceeds four grams per 100ml. On the other hand, sugar-sweetened drinks of which the sugar content is not disclosed on the packaging would…

UK and Ireland to enforce sugar tax starting April

UK - The UK and Ireland governments’ separate proposed sugar tax policy on soda and fizzy drinks is set to be effected April, termed as the Soft Drinks Industry Levy in the UK. According to the two governments, a number of products that will be exempted from the tax include dairy drinks with at least…

Astral Foods wants chicken to be among VAT free food items

SOUTH AFRICA - The South African integrated poultry producer, Astral Foods has expressed its concerns following the increase of Value Added Tax (VAT) on basic commodities, saying that chicken should be exempted from the list. SA Treasury increased VAT to 15% in April from 14% it had been for the past 25 years, adding to…

UK public tax consultation to introduce tax on single-use plastics

UK - In a bid to tackle plastic pollution, UK Chancellor, Philip Hammond has launched a public consultation on single-use plastics tax in the middle of an outrage to tackle the impact of plastic pollution on the environment. At the same time, he unveiled a US$24.73 million innovation fund for businesses and universities to develop…

UK rejects the tax on disposable coffee ‘latte levy’

UK - The British government has rejected calls to impose the ‘latte levy’ on disposable coffee cups, instead opting to reduce the use of single-use cups through voluntary initiatives. To reduce on Britain’s 2.5 billion disposable coffee cups a year and as a deposit return scheme for plastic bottles, the Environment Audit Committee (EAC) proposed a…