Alcohol consumption has a long social history in South Africa and the industry is now an integral part of the economy, contributing about 1.7% of government revenue each year.
How much does alcohol contribute to the economy?
The wine industry alone contributes R26. 2 billion to South Africa’s annual GDP. Of that, about R14. 2 billion (about 54%) remained in the Western Cape.
How much revenue does alcohol generate a year in South Africa?
Salba said that despite pressure on the local economy, the liquor industry continued to make steady contributions to the national revenue. The National Treasury set a revenue target of R24. 5bn from the excise tax on alcoholic beverages for the 2019/2020 financial year.
How much is the alcohol industry worth in South Africa?
The South African liquor industry, which includes the manufacture, wholesale and retail of beer, wine, spirits and flavoured alcoholic beverages, was valued at an estimated R106. 1bn in 2016. Beer sales dominated the sector, accounting for 56.1% of the value of liquor sales and nearly 80% of the volume.
How many people are employed by the alcohol industry in South Africa?
The industry employs 415 000 people, and the report estimates that 200 200 jobs could be lost in both the formal and informal sectors. The state will also be one of the bans biggest losers, with an estimated R29. 3 billion tax revenue loss (excluding excise) and a R8.
Are there any benefits of alcohol?
Moderate alcohol consumption may provide some health benefits, such as: Reducing your risk of developing and dying of heart disease. Possibly reducing your risk of ischemic stroke (when the arteries to your brain become narrowed or blocked, causing severely reduced blood flow) Possibly reducing your risk of diabetes.
What is the sin tax on alcohol in South Africa?
South Africa’s alcohol industry says “tens of thousands” of jobs are on the line, following Finance Minister Tito Mboweni’s announcement of an 8% excise tax increase on liquor and tobacco.
What is the sin tax on cigarettes in South Africa?
On Wednesday, the minister of finance announced an 8% increase in the excise tax on cigarettes, raising it from R17. 40 to R18. 39 per pack of 20. This above-inflation increase in the excise tax is substantially higher than previous years’ tax increases.
What is the unemployment rate in South Africa?
These minor changes resulted in the official unemployment rate increasing by 0,1 of a percentage point from 32.5% in the fourth quarter of 2020 to 32,6% in the first quarter of 2021 – the highest since the start of the QLFS in 2008.
How much does tobacco contribute to the economy in South Africa?
The economic cost of smoking in South Africa amounts to 1.8% of GDP and the cost of SADs accounts for 5.8% of total health expenditures.