1-minute News | Hong Kong to cut liquor duty rate

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said on Wednesday that starting today, the duty rate for liquor with an import price of over 200 HK dollars (25.74 U.S. dollars) will be reduced from 100 percent to 10 percent for the portion above 200 HK dollars.

The duty rate for the portion of 200 HK dollars and below, as well as liquor with an import price of 200 HK dollars or below, will remain unchanged, Lee said while delivering his third policy address to the HKSAR Legislative Council.

Currently, Hong Kong imposes a duty of 100 percent on the import price of liquor (with alcoholic strength of more than 30 percent). The move was aimed at promoting liquor trade and boosting the development of high value-added industries, including logistics and storage, tourism as well as high-end food and beverage consumption, Lee said. (1 U.S. dollar equals 7.76 HK dollars)

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