Hong Kong Economic Development Bureau: Hong Kong government lowering high-end liquor tax rates to encourage trade, imported liquor value increases by nearly 60%.

According to the Wisdom Financial APP, on May 21st, when Hong Kong Economic Development Bureau Director Edward Yau replied to a legislator's question in writing, he stated that from the time the tax rate on high-end spirits was lowered until the end of April of this year, the quantity and value of imported, taxed spirits had increased compared to the first six months before the tax reduction. The quantity of imported spirits had increased by over 15%, and the value had increased by nearly 60%, reflecting that the Hong Kong government's introduction of a dual-rate tax system effectively encouraged the trade of high-priced spirits. Taking advantage of the opportunity to lower spirits taxes, the business sector has held various forms of alcohol exhibition and sales activities. The proportion of spirits sold has noticeably increased, and some alcohol retailers have lowered their prices for spirits, with a positive market response.