Table 8:

Testing the differences in tax pass-through rates at different price levels using SUR

Alcoholic Beverage	High	Low	Difference
Beer	1.37	1.04	0.33**
Wine	3.25	1.4	1.85+
Cognac	1.92	1.45	0.47
Gin	0.71	0.82	−0.11
Scotch Whisky	1.15	0.93	0.22*
Liqueur Cointreau	1.92	2.02	−0.1

Note:

⁺p < 0.1

^*p < 0.05

^**p < 0.01

^***p < 0.001. Standard errors clustered at the country level are in parentheses. FE benchmark models are estimated using SUR and the differences among high, average (wine and beer), and low prices are tested. The tax pass-through to average wine or beer prices at the average level is not significantly different from those at the high or low levels.