Sri Lanka Excise Department revealed that t the demand for the liquor has decreased by about 30% due to the recent increase in the price of liquor and the decrease in the income of the people of the country.
During a recent meeting of the Committee on Public Finance, Excise Department officials estimated that alcohol has decreased by about 30% due to the increase in the price of alcohol and the economic hardships faced by the people. Due to the sudden price hike, they noted that there is a tendency to increase the production of illicit liquor.
The lower-than-expected liquor sales are expected to trim the State revenue collection in excise duties, VAT, and other taxes on liquor.
Officials representing several institutions were contacted online to discuss plans to increase government revenue and their current status. Accordingly, officials representing the Ministry of Finance, Economic Stabilization and National Policies, the Inland Revenue Department, the Sri Lanka Excise Department and the Sri Lanka Customs were contacted online.
The officials said that there were several problems in the Sri Lanka Excise Department reaching the target revenue due to the limited quantity of ethanol available for the production of liquor, limited number of diesel and fuel and distribution problems. T
In addition, a detailed discussion was held on the revenue expected to be obtained by the Excise Department of Sri Lanka at the end of this year.