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Thursday, 18.04.2024, 21:53
Estonian alcohol maker Liviko cutting 20 jobs due to tax hike
BC, Tallinn, 29.01.2016.
Print version
Print versionThe Estonian alcoholic beverages maker Liviko has said it will cut 20 jobs and switch to part-time work as a result of the increase in the alcohol excise duty taking effect on February 1, 2016, reports LETA/BNS.
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Massive stocking up by customers caused by the 15% increase in the excise duty are forcing Liviko to switch to part-time operation for the first half of 2016. Because of the increase in the excise duty AS Liviko will make 18 people redundant at the beginning of the year and terminate contracts with two more people. In all 20 people will lose their jobs, Liviko said in a press release.
Liviko also made 18 people redundant and switched to part-time operation when the alcohol excise duty was hiked by 15% at the beginning of last year.
Liviko made a net profit of 3.5 million euros on sales of 133.6 million euros in 2014. The company employed 216 people on the average in 2014 and 199 in 2015.
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