In the 2024 Policy Address, a new tax reduction for imported spirits costing over HK$200 was announced, cutting the tax rate on the amount above HK$200 from 100% to 10%. Algernon Yau, Secretary for Commerce and Economic Development, stated that this measure is inspired by the success of the 2008 wine tax cut, aiming to promote Hong Kong as a hub for the liquor trade.
During a Legislative Council committee session discussing the Policy Address, Yau responded to questions from lawmakers about the new policy, which touches on aspects such as storage, logistics, and catering of spirits. He mentioned that the government would communicate with various industries to implement the policy effectively.
Yau noted that many foreign chambers of commerce have shown great interest in the new policy and have sought consultations. He also highlighted that the Hong Kong Trade Development Council (HKTDC) organizes various activities aiming to boost the liquor trade, and overseas economic and trade offices are involved in related efforts.
When asked about external promotion efforts, Yau affirmed that promoting through economic and trade offices is a well-established strategy and emphasized the importance of such efforts. He mentioned that the HKTDC and Invest Hong Kong would also publicize Hong Kong's advantages at various events, including engagements with businesses in mainland cities, reiterating that telling Hong Kong's success story is a vital part of the Commerce and Economic Development Bureau's responsibilities.
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