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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Red Stripe supports ...RJR News )...</span>
As the furore over the government's decision to impose taxes on alcoholic beverages continues, Red Stripe has again voiced its strong support of the new taxes.In a statement on Friday, Red Stripe's Chairman, Richard Byles, said his company fully supports the change in the way alcohol taxes are calculated, arguing that it's an internationally accepted principle in taxation, for alcoholic beverages. In defence of the recent changes in the tax on alcohol, the Red Stripe chairman said it was necessary because the tonic wine industry has been exploiting an incentive offered to the tourist industry for the past 7 years and has reaped windfall profits over the period.He said now that the government has done the right thing and closed that loophole, the people who enjoyed the profits are seeking to have the new policy reversed---a remark obviously aimed at his competitor Wray and Nephew which is up in arms over the taxes. Byles said while the system is not perfect, it goes a long way towards correcting the inequities that previously existed. But as speculation mount that the Finance Minister might be reconsidering his decision, Byles said to do so would go against everything Audley Shaw promised in creating a fair and level playing field for alcohol producers. He stated that a reversal would have serious repercussions for Red Stripe. Joint Press Conference At a joint press conference between Wray and Nephew and the Jamaica Hotel and Tourist Association on Thurrsday, JHTA President Wayne Cummings said consumers should weigh their decision in supporting Red Stripe, if its parent company, Diageo carries out a threat to relocate some of its operations overseas.The company is considering the move if the government reviews the tax regime on alcoholic beverages. Wray and Nephew and the JHTA are strongly opposed to the taxes and have urged the Finance Minister to review the adjustments.
<span style="font-weight: bold"> Confirmed : Red Stripe supports ...RJR News )...</span>
As the furore over the government's decision to impose taxes on alcoholic beverages continues, Red Stripe has again voiced its strong support of the new taxes.In a statement on Friday, Red Stripe's Chairman, Richard Byles, said his company fully supports the change in the way alcohol taxes are calculated, arguing that it's an internationally accepted principle in taxation, for alcoholic beverages. In defence of the recent changes in the tax on alcohol, the Red Stripe chairman said it was necessary because the tonic wine industry has been exploiting an incentive offered to the tourist industry for the past 7 years and has reaped windfall profits over the period.He said now that the government has done the right thing and closed that loophole, the people who enjoyed the profits are seeking to have the new policy reversed---a remark obviously aimed at his competitor Wray and Nephew which is up in arms over the taxes. Byles said while the system is not perfect, it goes a long way towards correcting the inequities that previously existed. But as speculation mount that the Finance Minister might be reconsidering his decision, Byles said to do so would go against everything Audley Shaw promised in creating a fair and level playing field for alcohol producers. He stated that a reversal would have serious repercussions for Red Stripe. Joint Press Conference At a joint press conference between Wray and Nephew and the Jamaica Hotel and Tourist Association on Thurrsday, JHTA President Wayne Cummings said consumers should weigh their decision in supporting Red Stripe, if its parent company, Diageo carries out a threat to relocate some of its operations overseas.The company is considering the move if the government reviews the tax regime on alcoholic beverages. Wray and Nephew and the JHTA are strongly opposed to the taxes and have urged the Finance Minister to review the adjustments.