The price of Red Label rice wine will not be cut until the middle of this month at the earliest because the government needs time to revise regulations in line with a recent amendment to recategorize the product, the Ministry of Finance (MOF) said yesterday.
The ministry said it was revising the Regulations Governing the Labeling of Alcohol Products (菸酒管理法施行細則) to lower the price of rice wine. Therefore, the price cut is not likely to take effect before Sept. 16, it said.
Hsu An-hsuan (徐安旋), president of the state-owned Taiwan Tobacco and Liquor Corp, said the new price of rice wine may be set at between NT$25 and NT$30 per bottle after the company takes marketing and distribution costs into consideration.
The current price is NT$50 per bottle.
Last month, the Legislative Yuan passed an amendment to the Tobacco and Liquor Tax Act (菸酒稅法) to categorize rice wine as a cooking ingredient instead of a distilled spirit.
This means the excise tax on a 0.6 liter bottle of Red Label rice wine will drop from NT$29.25 to NT$5.4, regardless of its alcohol content, which is currently 19.5 percent.
The new excise tax will apply not only to the locally made Red Label wine, but also to imported rice wines.
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