Lotte Chilsung Lowers Ex-factory Price of 'Cheoeum Cheoreom' and 'Saero' Soju Starting from the 27th

Ahead of the original plan of January 1 next year
'Cheoeumcheoreom' down 4.5% · 'Saero' down 2.7%

Lotte Chilsung Beverage announced on the 26th that it will lower the wholesale prices of soju brands such as 'Cheoeum Cheoreom' and 'Saero' starting from the 27th.

Lotte Chilsung Beverage will supply 'Cheoeum Cheoreom' at a 4.5% reduced price and 'Saero' at a 2.7% reduced price from the 27th, prior to the application of the standard sales ratio starting in January next year. To stabilize liquor prices early at the end of the year, Lotte Chilsung Beverage decided to supply at the reduced prices from the shipments on the 27th of this month, earlier than the originally planned date of January 1st next year.

Earlier, Hite Jinro also proactively lowered the wholesale prices of its soju products 'Chamisul' and 'Jinro' starting from shipments on the 22nd. Hite Jinro initially planned to reduce the wholesale prices of soju products from shipments on January 1st next year in accordance with the government's introduction of the standard sales ratio. However, to support the government's efforts to stabilize prices at the end of the year and to ease the burden on small business owners and consumers during the peak season, they began supplying at the reduced prices from shipments on the 22nd, before the law took effect.

The National Tax Service announced on the 17th that starting January 1st next year, it will apply the standard sales ratio, a kind of tax discount rate that reduces the taxable base used to calculate liquor tax on domestically distilled spirits. This reflects concerns that the taxes applied to domestic liquors are excessive compared to imported liquors, which are taxed only on the import declaration price and customs duties.

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