Lotte Chilsung Beverage Lowers 'Mirim' Wholesale Price by 9%

Exclusion of Seasoned Alcoholic Beverages from Taxation under the Revised Liquor Tax Act

[Asia Economy Reporter Lim Hye-sun] Lotte Chilsung Beverage is lowering the wholesale price of the cooking wine "Mirim." "Mirim" is a cooking wine containing 14% alcohol.

This measure follows the government's announcement of the revision to the Liquor Tax Act, which removes regulations on seasoning liquors and excludes them from taxation starting January 1. Seasoning liquors containing alcohol have been classified as other liquors and subjected to liquor tax (10% of the taxable base) and education tax (10% of the liquor tax amount).

Accordingly, Lotte Chilsung Beverage is reducing the wholesale price of "Mirim" to pass the benefit of the liquor tax exemption to consumers: from 2,035 KRW to 1,851 KRW for the 500ml size, and from 3,135 KRW to 2,852.5 KRW for the 900ml size. Other sizes will also see about a 9% price reduction.

Additionally, as online sales of "Mirim" become possible, Lotte Chilsung Beverage plans to strengthen non-face-to-face marketing and take the lead in revitalizing the seasoning liquor market.

A Lotte Chilsung Beverage official stated, "With seasoning liquors excluded from liquor tax, we lowered the wholesale price so that the tax exemption benefits can be passed on to consumers," adding, "We will emphasize the unique characteristics of 'Mirim' and further solidify the status of the cooking wine 'Mirim.'"