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Finance Minister Chrystia Freeland says the federal authorities will cap the annual alcohol excise tax enhance on beer, spirits and wine at two per cent for a further two years.

The alcohol excise tax had been set to rise on April 1 by 4.7 per cent, tied to inflation, however Freeland introduced as we speak that the rise is being capped on the decrease fee.

She additionally introduced some tax reduction for native craft breweries by reducing the excise responsibility fee on the primary 15,000 hectolitres of beer in half for 2 years.

She says Canada’s small craft brewers are among the many best on the planet and are an essential contributor to the financial system.

Eating places Canada is applauding the transfer, saying the monetary reduction will give operators an opportunity to catch their breath as they struggle to deal with inflation and bounce again from the COVID-19 pandemic.

The Canadian Taxpayers Federation says it’s good to see some reduction, however the authorities shouldn’t be elevating alcohol taxes in any respect.

SEE ALSO: Researchers want Health Canada to post updated data on effects of drinking alcohol

This report by The Canadian Press was first printed March 9, 2024.

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