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< Back 5 October 2018 WSBC Position Paper 2018 Spirits Tax Reform for A Competitive Spirits Showcase Market in the Region and Spirits Warehousing On behalf of the European Chamber of Commerce’s Wine & Spirits Business Council (WSBC1), we wish to recommend that the Government review and pursue a more equitable spirits tax and regulatory environment for Hong Kong in order to remain competitive vis-à-vis its neighbours in the region. A reform of the current system will also enable Hong Kong to become a regional center for the premium spirits industry (including its related activities e.g. auctions), thereby reinvigorating the restaurant, bar and entrainment scene, and revitalizing Hong Kong’s tourism offer. WSBC is also committed to reducing harmful drinking and advancing a balanced and inclusive regulatory and taxation environment that supports sustainable business growth, while cementing Hong Kong’s position as a leading business and travel destination. WSBC’s members strongly support the introduction of a Legal Purchasing Age in Hong Kong with the purpose of tackling underage drinking. We are also committed to playing a part in supporting the management and recycling of waste glass bottles in Hong Kong, through the Producers Responsibility Scheme on glass bottles, proposed at HK$1/Litre bottle (subject to further implementation details). As regional competition intensifies, we look forward to contributing to and supporting a range of reforms that benefit Hong Kong citizens and the broader economy. Issues and Recommendations for Policy Address Spirits Tax Reform for A Competitive Spirits Showcase Market in the Region – To review the 24- year-old spirits tax system which taxes alcohol based on value; and to introduce a specific tax system based on alcohol content. WSBC is proposing a rate around HK$75/Litre of pure alcohol (LPA), as a balanced approach for all stakeholders, for consideration. Spirits Warehousing – To review and reassess the dangerous goods license requirement for the storage of potable spirits with more than 30% alcohol by volume (abv) in the Dangerous Goods Ordinance. The review should take into account the internationally accepted practices. Previous Next

< Back TVB Pearl: An Interview with our Vice-Chair, Davide De Rosa TVB 3 Oct 2021 On October 4, our vice-chair, Davide de Rosa, did an interview with TVB Pearl on Hong Kong’s strict epidemic prevention restrictions, which will affect the operations of European companies in Hong Kong. [香港歐洲商務協會冀中港盡快通關 否則或影響歐企在港業務] The European Chamber of Commerce in Hong Kong urges that customs to be cleared immediately, otherwise European businesses in Hong Kong will be affected Click the link here , or on the image below to view the full video. View Source Previous Next

< Back Hong Kong eases travel curbs that hit economy and sparked an exodus Financial Times 20 Mar 2022 Hong Kong has eased its rigid border controls after the restrictions put in place to control the Chinese territory’s worst coronavirus outbreak battered the economy and prompted residents to flee the city. The decision will cheer international business, which has argued Hong Kong’s stringent controls undermined the city’s status as a global financial hub. “The measures are the sign we have all been waiting for,” Frederik Gollob, chair of the European Chamber of Commerce in Hong Kong, said. “[But] the decision comes at an almost too late stage . . . We need to see the recovery plan to avoid further damage, as the damage has already happened big time.” Read the full article below. View Source Previous Next

< Back European Pavilion at MIF 2020 21 October 2020 s/n Estrada da Baia de Nossa Senhora da Esperanca, Macao ​ Despite this year’s challenges, we are delighted to announce that we will host the traditional European Pavilion at the 25th Macao International Trade and Investment Fair (MIF) from 22 – 24 October 2020 . In addition to the physical fair , MIF offers exhibitors the option to join online as a breakthrough of time, venue and travel restrictions. There will be various virtual activities including online matching, live broadcast and online promotion. A variety of incentives will be included in our walk-in packages specially offered to our exhibitors in the European Pavilion. Join us to explore business opportunities. For more information about MIF 2020 please visit their website. Previous Next

< Back EU economy set to grow faster than expected thanks to vaccination Euronews 13 May 2021 The European Union’s economy is set to grow faster than expected in 2021 and 2022 thanks to the accelerating pace of vaccination across the bloc and the gradual ease of coronavirus restrictions. As of today, EU countries have administered 175.3 million vaccine doses and almost 30% of the population have received at least one dose. These conditions have encouraged the European Commission to upgrade its economic forecast: the executive now estimates that this year the EU’s economy will grow by 4.2% while the eurozone will expand by 4.3% Read the full article here . Previous Next

< Back Macau Government considers a travel bubble with Hong Kong The Macau Post 6 May 2021 Chief Executive Ho Iat Seng says that the Macau and Hong Kong governments are “exploring the possibility” of setting up a “travel bubble” arrangement between the two cities. Ho made the remark during an informal press briefing on the sidelines of a public event yesterday. Ho said that he had discussed the possible arrangement with his Hong Kong counterpart Carrie Lam Cheng Yuet-ngor on the sidelines of last month’s Boao Forum for Asia (BFA) conference in Hainan province. Read the full article here . Previous Next

< Back 6 January 2019 WSBC Position Paper 2019 Reform Spirits Tax to Grow Hong Kong’s Economy and Competitiveness On behalf of the European Chamber of Commerce’s Wine & Spirits Business Council (WSBC) , we are delighted to share with you the findings of a recent academic study2 led by Professor Waiman Cheung , Business School, the Chinese University of Hong Kong (CUHK). Professor Cheung’s study suggests that a reform of spirits tax system – replacing current 100% ad valorem tax on liquor above 30% alcohol by volume, with specific tax of around HKD 75 per litre of pure alcohol – could boost the local economy by HKD $1 billion, create around 1,000 full-time jobs and, most importantly, strengthen Hong Kong’s position as a premium tourist destination, providing further impetus for growth. We believe the proposed reform could be part of the Government’s measures to help the businesses, in particular SMEs, in time when the economies of Hong Kong, the Mainland and the world are likely to face headwinds over the next 12 to 18 months. Therefore, in this submission, we recommend the Government to: Reform the current outdated spirits tax regime and align it with international practice; Replace the current 100% ad valorem tax on liquor above 30% alcohol by volume, with a more equitable specific tax; and Set a reasonable level of specific taxation, at about HK$75 per litre of pure alcohol, on all alcoholic products above 30% alcohol by volume. The proposed spirits tax reform will be a supportive move to enhance Hong Kong’s competitiveness and vibrancy of the food and beverage (F&B), entertainment, tourism, and spirits auction businesses, and unleash the untapped economic growth potential. More importantly, the changes will benefit the wider public due to the increased employment and the job opportunities, as indicated in the academic study conducted by Professor Waiman Cheung and his team. Previous Next

< Back Residents ‘indefinitely trapped’: Firms say Hong Kong’s tough Covid quarantine rules threaten finance hub status Hong Kong Free Press 19 Aug 2021 In light of recent developments in the COVID-19 situation in Hong Kong, the Government has made sudden changes to quarantine requirements for residents flying into Hong Kong. On 19 August 2021, as The European Chamber of Commerce in Hong Kong, we felt it is our obligation to express our opinions in an open letter to the Hong Kong Government. Click here to view the full letter. In response to our open letter, several media outlets have published articles covering the content of our letter. European business leaders have warned that Hong Kong’s stringent quarantine measures have left its residents “indefinitely trapped” in the city , threatening its status as an international business centre. In a rare open letter to chief executive Carrie Lam on Thursday, the European Chamber of Commerce in Hong Kong said the city’s most recent hardening of measures for inbound travellers were “out of proportion” and a “significant setback”. View Source Previous Next

< Back EU poised to reopen borders for Hongkongers RTHK 20 Jun 2021 The European Union (EU) has added Hong Kong to an updated list of places where travel restrictions should gradually be lifted, paving the way for the city’s residents to be able to visit EU countries. Under the EU recommendation, all travellers from places on the list should be allowed to travel to the EU. In a statement, the Council of the EU said member states should gradually ease restrictions on non-essential travel for Hong Kong, Macau and Taiwan, without requiring the territories to reciprocate. Find the full article here . Previous Next

< Back Chair of EuroCham on the Business Climate Bloomberg 20 Oct 2022 Photo credit: Bloomberg Yesterday, Chair Iñaki Amate was invited by Bloomberg LP to talk about the new Policy address and view on the need of a roadmap to open fully #hongkong . "While we welcome the list of measures introduced by the the Chief Secretary of Hong Kong, without a fully reopening of Hong Kong it will be difficult to execute the plan to attract talent and companies and the rebound might take longer." Watch the full interview on Iñaki Amate's take on the business climate in Hong Kong here View Source Previous Next

< Back Revision of Hong Kong's Anti-Epidemic Efforts HK Government 20 Mar 2022 Authorities have been under pressure from city sectors to open up, after more than two years of being closed off from outside world BREAKING NEWS: The Chief Executive has announced a number of updated Covid-19 measures today, below are the main takeaways: Flight Ban on 9 countries (Australia, Britain, Canada, France, India, Pakistan, the Philippines, and the United States) to be suspended from April 1. Quarantine for inbound travellers to be reduced from 14 to 7 days at designated quarantine hotels. A phased plan to gradually reduce social distancing measures has been outlined starting from April 21 and set to last for 3 three months: The first phase covers gyms, salons, religious premises, sports facilities and game centres. Limits on gatherings will be relaxed and dine-in hours will be extended The second phase will see the reopening of all the other categories of businesses such as bars and pubs and mask exemptions for country parks. In the third phase, all restrictions on gatherings in restaurants and bars will be lifted and operating hours will be further extended. Face-to-face classes to resume from April 19 at the earliest: primary schools, international schools and kindergartens first, followed by secondary schools after the DSE examinations. Compulsory Universal Testing put on hold, later on, considerations could be given to whether to conduct such exercise. Find more detailed information in the transcript of remarks released by the Government here . Previous Next

< Back Hong Kong stocks gain on first trading day of Year of the Ox SCMP 19 Feb 2021 Hong Kong stocks gained on the first trading day of the Year of the Ox after investors returned from a long holiday weekend, tracking Asia-Pacific markets higher on optimism over a global economic recovery and roll-out of Covid-19 vaccines. The Hang Seng Index rose 1.9 per cent to 30,746.66, rising to its highest level since June 12, 2018 after ending the Year of the Rat on a high. “Market sentiment is very feverish, even in the absence of money [from the mainland] coming through the Stock Connect,” said Louis Tse Ming-kwong, managing director of Wealthy Securities. “Investors are anticipating a gradual economic recovery, as more people [around the world] are taking vaccines.” Read the article here . Previous Next