E-Malt. E-Malt.com News article: Gambia: Banjul Breweries loses 13 mln dalasi due to excise tax hike

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E-Malt.com News article: Gambia: Banjul Breweries loses 13 mln dalasi due to excise tax hike
Brewery news

Borri Darboe, commercial manager for Banjul Breweries Limited has unveiled that his company has lost about thirteen millions dalasi (around USD260,500) due to the exercise tax increment from 10% to 75%, the Voice Gambia Newspaper reported on June 12.

“We have lost almost D13 millions in May; so this is not a joking matter. The government needs to understand that. This is one of the biggest companies in the country. We are paying almost fourteen different types of taxes to government,” he said.

He added: “A company that is paying huge tax is a great partner to government. It should be taken seriously and be protected to ensure the government continues receiving its taxes from the company. Allowing the company to close would be detrimental to national development.”

Darboe revealed that between January and May 2019 the company paid taxes of about D124 million.

“My volume is really going down because in May 2019 instead of government receiving D16.6 million on tax from us, they received D7.1 million from us, this indicates that we are dropping,” he pointed out.

He further stated that in April 2019 the company paid D4.6 million value added tax (VAT) and it dropped in May 2019 to D2.2 million due to a decline in the company’s sales volume.

“I know without taxation there can’t be development but you (government) can’t overtax companies,” he said.

Mr. Darboe noted that the situation of Banjul Breweries is alarming because the company had made all efforts to negotiate with the government but no positive response has been given yet, adding this situation is bad for both the company and the nation.

He called on National Assembly members to ensure the tax imposed on the company is reduced to 15%.

10 June, 2019

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