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Cabinet proposes increasing excise tax on cognacs 70% from September 1
25.06.2012 14:17 "Agro Perspectiva" (Kyiv) —
The Cabinet of Ministers has submitted to the Verkhovna Rada a draft law increasing the excise duty rate on cognac to UAH 45.87 per liter of 100-percent alcohol since September 1, 2012.
The authors of the bill say that the current reduced tax on cognac, which is valid until January 1, 2013 (UAH 27 per liter of 100% alcohol) is against a number of international commitments undertaken by Ukraine. In addition, due to reduced rates of excise duty on cognac, the 2011 budget failed to receive UAH 185 million. The Tax Code provides for a gradual increase of excise duty on cognac. In particular, until December 1, 2011 it amounted to UAH 20 per liter of 100-percent alcohol, and from January 1, 2012 to January 1, 2013 UAH 27 per liter of 100- percent alcohol.
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