Wednesday May 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Taxes, smuggling dent consumption of alcoholic drinks

Sales of alcoholic drinks dropped 32 percent in the two years between June 2009 and June 2011, largely because of the successive increases in taxes, industry leaders estimate.

In northern Greece, the fall has been around 50 percent because of abundant imports from neighboring Bulgaria. The loss of customs revenue from the growth of smuggling is estimated at around 100 million euros.

The cumulative 87 percent hike in the special consumption tax on alcoholic spirits in the last two years has brought it to 7.14 euros per bottle -- while other alcoholic drinks, such beer and wine, are taxed much more lightly, Tasos Evangelou, head of Diageo Hellas & Guinness Continental Europe, told an Economist conference in Athens Monday.

According to the European Spirits Organization, this Greek tax is now the fifth highest in Europe, behind Sweden, Finland, Ireland and the UK.

The drop in consumption and revenue has resulted in a 64 percent reduction in advertising and a 20 percent reduction in employment in the sector.

“Companies now hesitate to invest in Greece but go to Turkey,” Evangelou said. Diageo decided to invest $2.1 billion in the neighboring county six months ago, he said.

ekathimerini.com , Monday September 19, 2011 (22:25)  
EU funds at risk due to payment halt by the state
Half of Greeks cover their needs from their deposits
Greece reaps 2 billion euros per year from cruise sector
Political, economic instability turns German tourists away
Kareli trial postponed
The trial of thirteen correctional officers in connection with the death of Albanian inmate Ilie Kareli at Nigrita Prison in northern Greece was postponed on Wednesday after the defense cite...
FOCUS
Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
When the IMF’s point man on Greece, Poul Thomsen, rebuffed the nation’s proposal in December to unlock more bailout funding, he wound up making his job even tougher. The Greek government’s f...
Inside News
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Kareli trial postponed
2. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
3. AEK Athens returns to top league after financial collapse
4. EU funds at risk due to payment halt by the state
5. Half of Greeks cover their needs from their deposits
6. Greece reaps 2 billion euros per year from cruise sector
more news
Today
This Week
1. Romantic notions meet reality
2. Solving the Gordian Knot
3. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
4. Kareli trial postponed
5. IMF's Blanchard says Greek budget proposals not enough
6. Germany sees progress on Greece, EU officials to confer on Thursday
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Hotel contracts with a ‘Greek default clause’
5. Neither Grexit nor a dual currency will solve Greece’s problems
6. Merkel said to plan address for Greece if deal reached
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.