Ahead of the legislation of the new excise tax bill, international breweries and soft drink bottlers have started withdrawing from expansion projects.
Beverage companies are also gearing up to downsize their workforces at existing plants in light of the new excise tax bill that was tabled to the parliament last week. The draft proclamation proposes an average weighted percentage increase of 160.5pc across 378 goods and services - including vehicles, locally manufactured goods, sugar and telecomunication services - under 19 categories.
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