Food & Beverage
Hong Kong Cancels Tariffs On Alcohol
March 3, 2008 | By ChinaRetailNews.com Editor |
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Hong Kong plans to cancels tariffs of wine and beer and to make itself a premium wine trading center like London and New York.
A senior representative says that Hong Kong has announced the measures to cancel tariff of wines, which will make it one of the few tax-free areas for wine in the world. In addition, Hong Kong will not levy sales tax.
This is a big turnaround for Hong Kong's alcohol tax system — at the beginning of 2007 Hong Kong still levied 80% tariffs of wine and beer.
With regards to this tax adjustment, international wine auctioneers and dealers have made the response. Acker Merrall & Condit, a wine firm with the longest history in the U.S., and the UK-based Bonhams have said that they will hold their first Asia wine auction in Hong Kong.
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