Thanks to high profits tax, stamp duties and land premiums.
Hong Kong recorded $148.9b in surplus in the year ending March 31, according to a government press release.
Higher profits tax, stamp duties and land premiums arising from higher property transactions buoyed yearly surplus.
Tax revenues also rose 13% to $328.6b for 2017-18 buoyed by higher stamp duty receipts.
"The property price has increased quite dramatically in 2017. On top of that, the number of property transactions in 2017-18 has also increased,” said Commissioner of Inland Revenue Wong Kuen-fai. “"So the increase in the number of property transactions in 2017 will account partly for the increase in stamp duty."
Expenditure stood at $470.9b over the same period. Hong Kong remains flush with liquidity as fiscal reserves remained abundant at $1.103t as of end-March even as the Hong Kong Monetary Authority maintains its defense of the local currency peg.
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