Federal budget includes a reduced excise tax on Alcohol
- Scott Kolb
- Apr 3, 2023
- 1 min read
The 2023 federal budget includes a major win for the beer, wine and spirits industries.
The increase in excise duties on all alcoholic products is being temporarily capped at two per cent starting next month instead of a planned 6.3 per cent increase.
"This proposal temporarily caps the inflation adjustment for excise duties on all alcoholic products at 2 per cent for one year only as of April 1, 2023," reads the budget.
The alcohol excise tax can be a complex area for both businesses and consumers to navigate. It's essential for tax consultants to provide guidance and support to clients in understanding and complying with these tax regulations.