T&T Booze Spike
TRINIDADIANS have been rushing to buy alcohol before the 20 per cent increase announced by Finance Minister Colm Imbert kicks in on locally-produced and imported spirits tomorrow — and some are even stocking up for Christmas and New Year’s Eve.
Liquor marts around the country yesterday reported increased sales that started just before the September 30 delivery of the 2016/2017 national budget, where Government’s drive to increase its revenue saw increased taxes on some personal vices.
Drinkers and smokers were hit hard, as tobacco products are also set for a price increase of 15 per cent from tomorrow.
In his budget speech, Imbert said the expected annual revenue yield from the new ‘sin tax’ was expected to be in the league of $60 million.
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