Thursday October 2, 2014 Search
Weather | Athens
27o C
19o 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)  
Attica Bank said to have rejected notable offers
PMI index slides anew in September
Costa Navarino to host big events
Construction of F1 circuit at Patra to start by year-end
Terror group link prompts police raids and arrests
Police found a Kalashnikov assault rifle, a handgun, a hand grenade and numerous bullets Wednesday while searching homes in Athens and Thessaloniki used by six people who were detained and a...
Samaras to seek confidence vote in bid to rally coalition
The government said on Wednesday that it will request a vote of confidence when Parliament reconvenes after the summer recess next week, seeking to douse speculation about early elections an...
Inside News
SOCCER
Rosenberg punishes Olympiakoss errors at Malmoe
A disappointing Olympiakos got the worst possible result from its clash with Malmoe in Sweden for the Champions League, going down 2-0 on Wednesday due to its own defensive errors and attack...
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
Inside Sports
COMMENTARY
Truth before the battle
The coalition has lost its sense of direction in the last few months. Exactly where things went off track is not the question at this stage. What is certain is that if it continues competing...
EDITORIAL
Bending the rules
The flexibility with which laws are implemented has been a fundamental cause for concern in Greece during the post-dictatorship era. Everything becomes a subject for negotiation, even in cas...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Rosenberg punishes Olympiakoss errors at Malmoe
2. Terror group link prompts police raids and arrests
3. Samaras to seek confidence vote in bid to rally coalition
4. Attica Bank said to have rejected notable offers
5. PMI index slides anew in September
6. Costa Navarino to host big events
more news
Today
This Week
1. Air-raid sirens to go off all over Greece at 11 a.m. in drill
2. Mario Draghi to push ECB to buy Greek, Cypriot 'junk' loans: FT
3. Truth before the battle
4. Smallpox decimates sheep stocks in northern Greece
5. Thessaloniki transport gets more expensive
6. Bending the rules
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.