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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Wray & amp ; Nephew ...hol ( RJR )...</span>
Liquor manufacturer Wray and Nephew Limited has put forward an alternative tax proposal on alcohol as opposed to the one announced by Finance Minister Audley Shaw on Tuesday as he tabled the 2010 -2011 Supplementary Estimates.The company, which suspended sales of tonic wines after the Government announced a change in the tax regime for alcohol, which will result in increased prices for its products, says the new regime is inequitable.David McConnell, Managing Director of Global Marketing at Wray and Nephew, said at a press conference Thursday afternoon, that it provides an unfair advantage to one company at the expense of others. "We propose that the tonic and fortified wine category be amended appropriately and be taxed on an ad valorem basis, the same as under proof spirits and brews at 25% thereby yielding, by our calculation, an increase in taxation of J$600 million a year," said Mr. McConnellHe added that the Government will not be able to get as much tax as it wants from the new regime and said he hopes consultation will lead to a more equitable decision.
<span style="font-weight: bold"> Confirmed : Wray & amp ; Nephew ...hol ( RJR )...</span>
Liquor manufacturer Wray and Nephew Limited has put forward an alternative tax proposal on alcohol as opposed to the one announced by Finance Minister Audley Shaw on Tuesday as he tabled the 2010 -2011 Supplementary Estimates.The company, which suspended sales of tonic wines after the Government announced a change in the tax regime for alcohol, which will result in increased prices for its products, says the new regime is inequitable.David McConnell, Managing Director of Global Marketing at Wray and Nephew, said at a press conference Thursday afternoon, that it provides an unfair advantage to one company at the expense of others. "We propose that the tonic and fortified wine category be amended appropriately and be taxed on an ad valorem basis, the same as under proof spirits and brews at 25% thereby yielding, by our calculation, an increase in taxation of J$600 million a year," said Mr. McConnellHe added that the Government will not be able to get as much tax as it wants from the new regime and said he hopes consultation will lead to a more equitable decision.