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  • #67
    Sri Lanka’s Elephant House 'sugar free' line scrapped

    Jun 11, 2019

    Sri Lanka's Ceylon Cold Stores, which operates the Elephant House food and beverage brand, scrapped its 'Go Sugar Free' soft drink line due to low consumer demand, the firm has said.

    "The traction on the CSD (Carbonated Soft Drinks) “Go Sugar Free” variant introduced in 2018 was disappointing and as a result of the lack of consumer demand for sugar free CSD beverages in the Sri Lankan market, the Company withdrew the range," Ceylon Cold Stores shareholders in the annual report.

    The 'Go Sugar Free' line was launched in April 2018, after Sri Lanka's elected ruling class, egged on by social engineering etatists tried to force unarmed citizens to dance to their tune by slapping a punitive tax on soft-drinks sweetened with natural sugar in 2017.

    Sri Lanka also has high taxes on alcohol and beer.

    Ceylon Cold Stores introduced sugar free versions of the existing beverages such as EGB, Necto, Cream Soda and Orange Crush.

    The sugar free products contained Stevia, a plant-based sweetener.

    The firm said the beverage sector volumes fell 16 percent due to an overall demand fall in discretionary food items, which was made worse with the sugar tax.

    However, in 2019, the government revised the etatistic sugar tax to 40 cents per gram of sugar from the original 50 cents per gram, helping the beverage sector pick up.

    "The industry welcomed rationalization of the sugar tax in the Government budget proposals for 2019 enabling the business to reduce prices of carbonated beverages towards the end of the financial year, which resulted in an uptick in volumes," the firm said.

    https://economynext.com/Sri_Lanka%E2...3-14757-1.html

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    • #68
      most probably 500 should act as support. price movement is within the 50 moving average as of now.

      Click image for larger version

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      "The best values today are often found in the stocks that were once hot and have since gone cold"

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      • #69
        Tax on sweetened drinks

        Wednesday, July 3, 2019 - 14:27

        Tax on highly sweetened drinks will re-imposed in order to protect Sri Lankans from Non Communicable Diseases (NCDs) such as diabetes, cancer, kidney diseases, heart diseases, hypertension etc, Health Ministry spokesman said.

        According to the spokesman, the final decision on taxing highly sweetened drinks to be taken during the discussion to be held at the Finance Ministry on next Friday morning.

        The tax will be imposed on all highly sweetened drinks except fruit juice which contains six (6) grams of sugar in them. The relevant cabinet paper has already presented to the Cabinet by the Health, Nutrition and Indigenous Medicine Minister Dr. Rajitha Senaratne but the Finance Ministry asked for two weeks to approve it, he said.

        Earlier the tax on highly sweetened drinks was there but the 51 day Government removed it. Daily only four spoons of sugar required for a human being but sweetened drinks provide a lot more than that causing many NCDs in people, he added.

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