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Hong Kong chops wine duty

Published:  23 July, 2008

Wine, beer and all other alcoholic drinks bar spirits are now exempt from Hong Kong duty rates.

This was the message from financial secretary John Tsang in his budget speech earlier today (February 27), in which he said current rates were proving to be detrimental to business development.

It is estimated the initiative will cost Hong Kong authorities around HK$560 million.

Berry Bros. & Rudd (BBR) said today it would be reducing the prices of all wines available to purchase in Hong Kong by 22% with effect from March 1.

Nicholas Pegna, BBR managing director, said: "With continuing substantial growth in fine wine sales in China, Hong Kong is uniquely positioned to capture a growing share of the international market. This move by the government also means that more people will choose to store and exchange fine wine here.

"Hong Kong now has a golden opportunity to serve as Asia's undisputed wine hub, which can only contribute business and tourism dollars to the SAR."