Excise Delay

June 2006 | Ratings Update

Parliament in mid-June approved legislative amendments postponing alcohol & tobacco and fuel excise rate increases to January 2008, from July and January respectively. The re-phasing of EU-required adjustments is part of the government's plan for bringing inflation below the Maastricht criterion in H107. The task will not be easy: inflation edged up to 4.6% y-o-y in May and averaged 4.2% in the 12 months to May, compared to a Maastricht reference value for the period of 2.7%.

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