New EU classifications to result in price hike for made-wine products: WSTA
New EU classifications to result in price hike for made-wine products: WSTA
Mar 11, 2013 6
(WDBR) - The introduction of new EU customs classifications may result in increase in excise duty and value added tax (VAT) for some made-wine products, according to The Wine and Spirit Trade Association (WSTA), a UK-based organization representing over 340 wine and spirits companies.
The changes will also create confusion among producers as some ready to drink (RTD) products like cocktails and cream-based drinks will lose their 'made-wine classification' and will be classified as 'spirit drinks' under the new rules.
Producers will then have to consult with HM Revenue & Customs (HMRC) to confirm the revised status of their products, which would result in more delays and confusions.
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