BUDGET 2023: $54.4b deficit seen in 2023/24

This is down from the estimated $139.8b deficit in 2022/23.

The government projected Hong Kong will see a deficit of $54.4b in 2023/24 and a fiscal surplus in the next four years, starting 2024/25.

The 2023/24 forecast is down from the $139.8b deficit estimated in 2022/23, a revision of the initial $56.3b projection.

“Taking Hong Kong’s previous financial position in times of adversity as a reference, I consider that our fiscal reserves are currently maintained at a prudent level,” Financial Secretary Paul Chan said.

To generate revenue, Chan said the government will look at imposing an annual special football betting duty of $2.4b on the Hong Kong Jockey Club for five years, starting 2023/24.

Meanwhile, profits tax and salaries tax will remain unchanged.

Moreover, the government will be launching a consultation exercise for the imposition of the global minimum tax rate in 2025 to allow multinational enterprise groups .

A domestic minimum top-up tax is also expected to be introduced in 2025, bringing up tax revenue by an estimated $15b per year.

Also Read

Consumer prices inch up by 1.4% YoY in October

HK urged to deepen financial reform and innovation

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit