The Irish government could introduce a new sugar tax onsoft drinks in the upcoming budget in a move to raise revenue and stem the growing obesity crisis. Fizzy drinks are currently subject to 23 per cent VAT and the new tax is expected to be a 10 per cent rise in excise duty and could see soft drink prices rise by up to 20 cent a bottle.
The Irish Independent reports that a confidential report commissioned by Health Minister James Reilly recommends raising the excise duty on fizzy drinks. According to the newspaper, the report, which was prepared by the Institute of Public Health in Ireland, will be presented to the Department of Health's obesity committee today.
Source: Retail Intelligence