Impact of the Budget 2010/2011 on the beer and stout industry
Charles Ireland, managing director of GUINNESS ANCHOR BHD []:
Guinness Anchor Berhad (GAB) today issued a statement in response to the Government's move to not impose an increase in excise duty.
GAB welcomes the news that the Government has decided not to raise the excise duty on beer and stout for the coming year, particularly in this economic downturn which has had a significant impact on both businesses and the man-on-the-street.
At the current duty levels, Malaysia already has the second highest duty on beer and stout in the world after Norway.
As such we believe the Government was prudent to not impose another round of excise duty increase as this would have exerted tremendous pressure on the industry that is already operating in an extremely difficult and challenging environment.
It would have also put further pressure on the F&B industry and tourism, who continue to face serious challenges with consumers still cautionary on spending.
GAB hopes that the Government will consider a review of excise duty structure to bring it in line with global best practises. We would like to work with Government to set up a working committee for this purpose.
Soren Ravn, managing director of CARLSBERG BREWERY MALAYSIA BHD []:
It was positive that the government had decided not to raise the excise duty on beer and stout for the coming year.
A duty increase would have had adverse impact on all the stakeholders connected to the industry.
The decision was in line with the government's Economic Transformation Programme (ETP) where the key focus areas, Tourism and the Wholesale and Retail sectors have been identified as National Key Economic Areas (NKEAs) of key importance to the Government for driving economic activity, development and growth to transform Malaysia to a higher income nation.
Carlsberg Malaysia will continue to be part of the catalyst to drive the economic growth in the areas of FDIs, Tourism, and Retail sectors while at the same time continuing to reinvest in the local economy through production and capacity expansion; our workforce and Corporate Social Responsibility initiatives.
Carlsberg Malaysia is fully committed to Malaysia and will continue to support the government in its economic reform to boost growth and attain developed-nation status.
Charles Ireland, managing director of GUINNESS ANCHOR BHD []:
Guinness Anchor Berhad (GAB) today issued a statement in response to the Government's move to not impose an increase in excise duty.
GAB welcomes the news that the Government has decided not to raise the excise duty on beer and stout for the coming year, particularly in this economic downturn which has had a significant impact on both businesses and the man-on-the-street.
At the current duty levels, Malaysia already has the second highest duty on beer and stout in the world after Norway.
As such we believe the Government was prudent to not impose another round of excise duty increase as this would have exerted tremendous pressure on the industry that is already operating in an extremely difficult and challenging environment.
It would have also put further pressure on the F&B industry and tourism, who continue to face serious challenges with consumers still cautionary on spending.
GAB hopes that the Government will consider a review of excise duty structure to bring it in line with global best practises. We would like to work with Government to set up a working committee for this purpose.
Soren Ravn, managing director of CARLSBERG BREWERY MALAYSIA BHD []:
It was positive that the government had decided not to raise the excise duty on beer and stout for the coming year.
A duty increase would have had adverse impact on all the stakeholders connected to the industry.
The decision was in line with the government's Economic Transformation Programme (ETP) where the key focus areas, Tourism and the Wholesale and Retail sectors have been identified as National Key Economic Areas (NKEAs) of key importance to the Government for driving economic activity, development and growth to transform Malaysia to a higher income nation.
Carlsberg Malaysia will continue to be part of the catalyst to drive the economic growth in the areas of FDIs, Tourism, and Retail sectors while at the same time continuing to reinvest in the local economy through production and capacity expansion; our workforce and Corporate Social Responsibility initiatives.
Carlsberg Malaysia is fully committed to Malaysia and will continue to support the government in its economic reform to boost growth and attain developed-nation status.
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