The price of a glass of wine or beer in Hong Kong looks set to fall after the local government today (28 February) announced a wave of tax cuts.

According to local reports, the duty on wine, beer and spirits of less than 30% abv has been halved. The duty on wine has been slashed from 80% to 40%, while the tax on beer and spirits of less than 30% abv has fallen from 40% to 20%.

Hong Kong's financial secretary Henry Tang said the duty cuts would boost various sectors of the Hong Kong economy

"I believe that reducing the duty on alcoholic beverages will help promote the development of our catering industry, tourism and wholesale and retail alcoholic beverage trade, thereby benefiting the community at large," Tang said as he outlined the 2007 Budget.