Putin Hints at Raising Tax

Aug. 1, 2012

President Vladimir Putin on Tuesday raised the prospect of a further increase in beer taxes as part of the government's long-running campaign to curb drinking.

"Beer alcoholism is a serious problem. … We could raise beer taxes further," Putin said at a forum of pro-Kremlin youth groups. At the beginning of 2012, taxes on beer rose by 20 percent, and according to a Finance Ministry plan approved late in 2011, they will rise by a further 25 percent in 2013 and 20 percent in 2014.

Shares in Danish brewer Carlsberg, which earns nearly half its profits from the Russian market, closed down 4.98 percent Tuesday.

(Reuters)

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