Hong Kong had recently abolished their wine tax. The immediate effect was that many wine collectors had move en mass their fine wine collections from bond warehouses traditional dominated by the UK in Hong Kong. This also means that wine brought directly into Hong Kong are exempted from taxes at all which is a boon to HK Wine Collectors.

As it appear this policy goes head on with Singapore's Governement recent relaxation of custom and excise for liquors. By comparison, Singapore's effort not only seems pale but will definitely jeopardize its goal towards being an aisa wine hub.

The tax abolishment by Hong Kong SAR is seen as a welcome move to create greater business opportunities especially in the China hinterland where the booming economy have contributed to many cash rich Chinese who develop a knack for finer things in life such as wines.

Certainly from an alternative perspective, this could benefit Singaporean wine collectors as well. The temperate like weather may be more suited than Singapore for cellaring while the proximity of HK to Singapore may as well mean shorter time for collection wines to be delivered into Singapore.

What do you think is Singapore's future in its endeavour to become a Wine Hub? How do you think we can benefit from HK's wine tax abolishments? Leave us a comment or join us in the forum chat under this topic.