A proposal from the Department of Finance in the Philippines to unify tax rates for alcohol and tobacco could double the price of beer, it has been revealed.
It is projected that taxes on imported beer products could increase by around 13%, while tax on economy beer brands would increase by an equivalent 123%. It is thought that the retail price of beer would rise by as much as 41%.
Asia Brewery Inc, has criticized the government for imposing taxes which could threaten its livelihood during the current economic downturn.
The brewery's Chief Financial Officer, Jose Gabriel Olives, has expressed concern over the measure, arguing that the tax could be detrimental to the growth and survival of the industry. According to Mr Olives, thousands of jobs could be at risk.
Olives is now urging the government to consider abandoning their plan, in favour of keeping the current tax rates in place.
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