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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> WISYNCO Group expresses deep co... ( Gleaner )...</span>
WISYNCO Group Limited, a major producer and distributor of energy drinks has expressed deep concern about the imposition of a Special Consumption Tax (SCT) on the products. The Finance Minister Audley Shaw announced the 15 per cent SCT on energy drinks last night while declaring a reduction on the tax on alcohol. The tax rollback came after strident protest by alcohol distributors and players in the hotel industry. The 15 per cent SCT on energy drinks which takes effect today means that consumers will have to spend more to buy products like BOOM which is produced by WISYNCO and Red Bull which it distributes. The WISYNCO's Managing Director, William Mahfood is not happy with what he describes as a knee-jerk reaction by the government. Like those affected by the previously announced tax on some alcoholic beverages Mahfood wants to have discussions with the government on the new tax. He says it's critical that the finance ministry first define what constitutes an energy drink as well as outline how the tax will be collected. Mahfood says the move by the government is indicative of its unpreparedness. He says he's already had discussions with Commissioner of Customs Danville Walker regarding the collection of the tax. Mahfood says he'll be contacting finance ministry officials today to set up a meeting to discuss the tax on energy drinks. However, the WISYNCO boss says he's doubtful the government will change its decision this around because the administration is in a predicament.
<span style="font-weight: bold"> WISYNCO Group expresses deep co... ( Gleaner )...</span>
WISYNCO Group Limited, a major producer and distributor of energy drinks has expressed deep concern about the imposition of a Special Consumption Tax (SCT) on the products. The Finance Minister Audley Shaw announced the 15 per cent SCT on energy drinks last night while declaring a reduction on the tax on alcohol. The tax rollback came after strident protest by alcohol distributors and players in the hotel industry. The 15 per cent SCT on energy drinks which takes effect today means that consumers will have to spend more to buy products like BOOM which is produced by WISYNCO and Red Bull which it distributes. The WISYNCO's Managing Director, William Mahfood is not happy with what he describes as a knee-jerk reaction by the government. Like those affected by the previously announced tax on some alcoholic beverages Mahfood wants to have discussions with the government on the new tax. He says it's critical that the finance ministry first define what constitutes an energy drink as well as outline how the tax will be collected. Mahfood says the move by the government is indicative of its unpreparedness. He says he's already had discussions with Commissioner of Customs Danville Walker regarding the collection of the tax. Mahfood says he'll be contacting finance ministry officials today to set up a meeting to discuss the tax on energy drinks. However, the WISYNCO boss says he's doubtful the government will change its decision this around because the administration is in a predicament.