Amendments to the Dutiable Commodities Ordinance in Hong Kong will be gazetted on 25th April to give effect to the Budget-proposed reduction of wine duty to zero, the Commerce & Economic Development Bureau has announced.
They will be tabled to the Legislative Council on 7th May, for endorsement by the end of June at the latest.
The Financial Secretary proposed in the 2008-09 Budget to reduce duties on wine, and other liquor, to zero, and to remove licensing/permit requirements for the import or export, manufacture, storage or movement of these goods.
The Bureau revealed that an executive order made on the 27th February Budget Day to give immediate effect to the duty reductions will lapse in four months, and that therefore, amendments must be introduced quickly after the Appropriation Bill 2008's passage.
A survey showed that the average retail prices for most popular wines have dropped about 20% since the duty reduction, while the volume of wine imports has risen about 78%.
The removal of licensing/permit arrangements will enhance the wine trading and distribution business.
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