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CORRECTION: $Excise on Electricity$

Ljubljana, 26 July (STA) - Please note that the full title of Monday's copy on electricity excise should read $Electricity Excise Hike Lower than Forecast$. Below is the corrected version of the report.

Electricity Excise Hike Lower than Forecast

Excise on electricity will more than triple to EUR 3.05 per MWh on 1 August for households and businesses, according to a decision reached by the government on Monday, but the hike is only half as high as stipulated in the recently adopted amendments to the excise duties act.

The amendments determine that excise would be raised to EUR 6.05 per MWh from EUR 1 on 1 August, and double again to EUR 12.10 on 1 November.

However, the legislation gives the government leeway in raising or reducing the duty as it deems appropriate based on the economic environment.

In the period from 1 August to 31 October budget revenue will be EUR 7.8m higher than under the existing system, but EUR 7.8m lower than it would if the full hike was implemented.

This will no doubt be good news for businesses, which have companies that higher excise would hamper their competitiveness.

The Chamber of Commerce and Industry (GZS) has recently said that excise had already "burn up" half of the net profit of Slovenian industry and that further hikes would bring industry "to its knees".

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