DRINKS RETAILERS FEEL PINCH AS AUSTERITY BITES IN GREECE
July 1st, 2010
BY MAKKI MARSEILLES
DRINKS retailers and wholesalers are coming under pressure in Greece as duty increases ordered within the government's tough austerity programme start to bite. Excise duty on spirits rose three times since the beginning of the year - twice by 20% in February and March and 30% in April and now comprises at least 65% of the total price, while in addition VAT was increased from 19% to 21%. A further increase is expected this month (July) when the VAT is further increased from 21% to 23%. Meanwhile, a bottle of Metaxa three stars cognac with a ...
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