too early to judge the state of the industry after the July rate hike of the excise tax, - said Oleg Zhugin, CEO of the manufacturer and distributor of alcoholic beverages Altera groups. But the fact of downtime during this period, virtually all manufacturers of the industry due to lack of demand for product at a cost - the fact remains.

bets have been placed?

Increased rates of excise duty to 50 UAH., which is now trying to push through the Verkhovna Rada will lead to the fact that the legal market of alcohol will cease to exist, respectively, the expected revenue will not be distressed manufacturers firewater.

in July 2009 from the producers of distilled spirits received in the budget 250 million hryvnia. This is 14% less than the same month in 2008. If the current year will again be amended in the current legislation, revenue will decrease even more, say manufacturers.

decline in the first eight months of 2009 was recorded at around 49.74 thousand dal (6% compared to 31 165.18 in the same period in 2008). According to the account director of association Ukrvodka Ivan Zholnera, for eight months in 2009 the industry produced by enterprises vodka distillery production by 8% less than for the corresponding period of 2008.

Meanwhile, in July and August registered a decline in output of almost 60%. In the first half of vodka produced 61 enterprises, and in August - only 35, said Ivan Zholner. Even if we imagine that the large manufacturers, which form 60% of the market maintain its production, the preservation of the remaining 40% is very problematic.

The reduction of production volumes, naturally, leads to a decrease in revenue of the excise tax. rate income tax in July and August this year, nearly 6% below the same period in 2008 earnings-go (when the excise duty amounted to 21,5 UAH. ) - counts Ivan Zholner. In his opinion, if such dynamics will continue in the future, the projections for the fact that the budget does not receive the expected increase of excise revenue collection come true.
 

Industry in despair

The latest increase in excise taxes on alcohol threatens the complete collapse of the industry, - complains Gennady Vasyukov, Director of Legal Affairs Khortytsa distillery. According to him, after the July jump in excise rates on 58% of the market has already subsided.

If the excise tax increase this year once again, by the end of the year we will be faced with complete shadowing of the market. The growth of the shadow market, caused by the high cost of legitimate product and the existence of the price band, causes the displacement of the market of legal manufacturers and, consequently, the fall of state revenue from the levying of excise duty.
catalyst for the biggest bankruptcy

alcohol producers may be loans to banks. At present, banks, insuring risks have significantly increased their demands to the producers - more than 50% increase in lending rates, tightening of collateral requirements. In addition, the reduced number of banks capable of lending a large business. The prospect of raising excise taxes from 34 to 50 UAH. per liter of alcohol in general, provoking panic in the banking sector and complicates negotiations bankers and alcohol companies.

Opinion on superpribylyah in the alcohol industry - is a myth! Most manufacturers work with a minimum return on investment - lamented Andrew Okhlopkov, General Director of the Soyuz-Victan. In his view, the increase rate of excise duty to 50 UAH., Which is now trying to push through the Verkhovna Rada will lead to the fact that the legal market of alcohol will cease to exist, respectively, the expected revenue will not be.

Reality Ukrainian financial market is that open a new credit line is now virtually impossible, with the objective of lending is not so important, says Gennady Vasyukov. And with the increase of excise companies need more working capital, which banks can not provide. As a result of increased payments for excise taxes jeopardize the loan servicing beverage companies.

Irina Chernjavskaja

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