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The Spirit Sector in Greece: Problems and Prospects
Category: Fiscal Policy
SubCategory: -
Date: 04/11/2011
The Excise Duty on Alcoholic Beverages (EFKOP) nearly doubled in 2010.Combined with the hike in VAT and the deep recession of the Greek economy, this led to a sharp decline in the sales of spirits in 2010 and 2011. As a result, there was a significant deviation of the realized EFKOP revenues from the target. These developments put at risk the viability of all companies in the sector, with negative impact on unemployment and other economic and social issues. The objectives of the study were to examine the impact of taxation on the domestic spirits market and to formulate proposals that will ensure the viability of the sector’s companies, taking into account the need of fiscal consolidation.
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