Chief Executive John Lee today (Oct. 16) delivered his third Policy Address to Hong Kong’s LegCo, detailing a series of new policies to reinvigorate the economy and assist in the growth of a number of vital industries, including the food and beverage sector.
In his speech, Lee detailed that the Hong Kong government will be reducing the tax duty of liquor with an import price over HKD200 from 100 percent to 10 percent above HKD200, representing an effort to reinvigorate Hong Kong’s alcohol trade.
Whilst the duty for liquor with an import price below HKD200 will stay the same, the move is set to assist fine-dining restaurants in Hong Kong and tourism across the board in the city. Currently, the duty on the import price of liquor with an alcohol percentage of more than 30 percent is 100 percent.
The move is similar to Hong Kong’s policy decision in 2008 to remove the import duty rate on wine, which in turn boosted the city’s wine trade in the following years.
To attract more Muslim travellers from the Middle East and Southeast Asia, the chief executive has also asked his government to create a list of halal restaurants in the city, benefiting visitors who follow a strict religious diet.
In a policy to assist small- and medium-sized enterprises, which make up a large portion of the F&B industry, such businesses will be granted moratoriums on paying back loans received under the government’s loan scheme for up to 12 months.
Towards the end of his speech, Lee highlighted that he is asking the Hong Kong Tourism Board to provide a gourmet guide covering Hong Kong’s 18 districts to promote top food across the city and to host more gastronomic events that showcase Hong Kong’s rich food culture.
