Tue. Jan 26th, 2021

Trade wars: China slashes tariffs on 850 products – business live

Rolling coverage of the latest economic and financial news, as China gives the world economy a festive gift

9.50am GMT

Here’s Agathe Demarais, Global Forecasting Director at The Economist Intelligence Unit, on China’s tariff cuts:

9.41am GMT

A new sweeteners tax has dealt a bitter blow to Nichols, the maker of Vimto.

The Saudi Arabian and UAE tax authorities have recently implemented an excise tax of 50%, to be levied on the retail price of non-carbonated sweetened drinks.

This tax will be applied to all non-carbonated drinks containing either natural or artificial sweeteners, including sales of Vimto products. Therefore, unlike the UK soft drinks levy, product reformulation is not an option.

Vimto maker Nichols warns a 50% tax on soft drinks in the Gulf could clobber profits next year. The drink is highly popular during Ramadan… as Google search trends in Saudi reveal https://t.co/Kz8JeoZwzl pic.twitter.com/Ee8EBkCWIX

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *