3
WEDNESDAY, DECEMBER 3, 1975
AS REGARDS IMPORTS OF SPIRITUOUS LIQUORS AND MANUFACTURED TOBACCO FROM COMMONWEALTH COUNTRIES, THE FINANCIAL SECRETARY PROPOSED TO ELIMINATE THE PREFERENCE MARGINS BY RAISING THE RATES TO THE LEVEL OF THE RATES APPLICABLE TO IMPORTS FROM NON-COMMONWEALTH COUNTRIES.
IN ADDITION, HE PROPOSED TO RAISE THE GENERAL RATES ON MOST PRODUCTS TO LEVELS WHICH WILL YIELD PART OF THE EXTRA REVENUE NEEDED IN 1976-77.
+ THE NEW RATES, HE SAID, +MAY SLIGHTLY DISCOURAGE SALES, BUT I AM CONFIDENT THAT THERE WILL BE NO QUESTION OF DIMINISHING RETURNS.+ HE ADDED THAT THE EFFECT ON THE CONSUMER PRICE INDEX WOULD BE +MINIMAL+.
SOME EXAMPLES OF THE NEW RATES IN TERMS OF DUTY PAID PER BOTTLE (ROUNDING OFF VERY SLIGHTLY FOR SIMPLICITY'S SAKE) ARE AS FOLLOWS:
BRANDY
OTHER EUROPEAN TYPE SPIRITS
CHAMPAGNE AND
SPARKLING WINES
STILL WINES ABOVE 15%
STILL WINES BELOW 15%
BEER, IMPORTED, SMALL BOTTLE
BEER, LOCAL, SMALL BOTTLE
CHINESE TYPE SPIRITS, IMPORTED
$19 ($18.94 COMPARED WITH $14.63 ON COMMONWEALTH ORIGIN, AND $15.86 ON NON-COMMONWEALTH ORIGIN, IMPORTS)
$16 ($15.95 COMPARED WITH $14.61)
$12 ($12.00 COMPARED WITH $10.22)
$6
($6.01 COMPARED WITH $5.08)
$5 ($5.01 COMPARED WITH $4,24)
$0.25 ($0.25 COMPARED WITH $0.23)
$0.20 ($0.20 COMPARED WITH $0.175)
$1.65 ($1.65 COMPARED WITH $1.51)
ON TOBACCO, THE FINANCIAL SECRETARY SAID THE NEW RATE OF DUTY OF MANUFACTURED TOBACCO HAVE BEEN INCREASED BY ABOUT 15 PER CENT TO $19.80 PER POUND FOR CIGARS, TO $18.50 PER POUND FOR CIGARETTES, TO $3.70 PER POUND FOR CHINESE PREPARED TOBACCO. AND TO $14.90 PER POUND FOR UNMANUFACTURED TOBACCO.
THE NEW RATE OF DUTY PAID PER PACKET OF 20 IMPORTED CIGARETTES WILL BE BETWEEN $0.75 AND $0.85.
/TURNING TO