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Lithuanian Lawmakers Approve Lower Excise Tax for Alcohol

Dec. 7 (Bloomberg) -- Lithuanian lawmakers approved excise tax cuts for alcohol from next year, reducing expected budget revenue by 50 million litai ($19.4 million), parliamentary Chairwoman Irena Degutiene said.

Deputies voted 65 to 48, with 8 abstentions, to lower the excise tax to 3,200 litai per 100 liters of alcohol from 4,416 litai, according to a TV broadcast from the parliament in Vilnius.

The decision means the government will have to revise its 2011 budget draft before final approval on Dec. 9 to account for the lower revenue from excise tax. Lithuania plans to reduce the budget shortfall to 5.8 percent of gross domestic product next year from an estimated 8.1 percent this year.

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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