Prices for alcoholic drinks fall after tax scrapped

More shops, bars and restaurants have cut prices of alcoholic drinks following the scrapping of tax on wine and beer announced in the budget last week. Lan Kwai Fong Entertainments cut beer prices by 4 to 5 per cent from yesterday, while prices for other alcoholic drinks, except spirits, were cut by 10 to 20 per cent. Specialist wine retailers Watson's Wine Cellar has also cut the prices on eight wines. Meanwhile, a wine auction being staged in the city in May will be the largest in Asia, with an estimated value of more than US$5 million, organiser Acker Merrall & Condit said. The auction, followed by wine event Vinexpo, will be held on May 31 at the Island Shangri-La.