NEWS
HONG KONG CUT IMPORT DUTIES FOR PREMIUM LIQUORS FROM 100% TO 10%
By Siulan Law Mathews DipWSET
16-10-2024
Credt: Edward Howell/Unsplash
The Hong Kong government announced today that import tax on liquor bottles with price over HKD200 (USD26.6) will be cut from the current 100 percent to just 10 percent.
Hong Kong’s chief executive said in today’s 2024 Policy Address that the tax cut becomes effective today and applies to liquors with 30 percent ABV or higher.
But import duties for bottles with price under HKD200 will remain at 100 percent.
Lee said the cut aimed at promoting the liquor trade and boosting the development of high value-added industries, including logistics and storage, tourism and high-end food and beverage outlets.
Given that most imported liquors are priced below HKD200, the government anticipated that the cut will benefit the premium niche market and that 85 percent of the imports will see tax rate unchanged.
Despite being a free port for wines where importers enjoy zero tariffs on all wine imports, Hong Kong has maintained one of the highest duties for liquors in Asia.
Hong Kong’s hospitality and spirits sectors have long been arguing for a cut in liquor import duties claiming that businesses are struggling to regain revenues after the pandemic.
(the writer can be contacted at: info@thewinechronicle.com)
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