, Hong Kong
PS Paul Chan (Photo from budget.gov.hk)

Budget 2023: Gov’t balances fiscal prudence with support amid rising costs 

An expert from PwC said the budget was “well-calibrated.”

An analyst from PwC said the government was able to strike a “delicate balance” between public expectations and economic challenges with its 2023/24 budget.
“With an estimated deficit of about HK$140 billion for this financial year and another deficit of approximately HK$54 billion in the next financial year, the Financial Secretary formulated a well-calibrated budget that balances public expectation against shrinking reserves to safeguard people’s livelihood and drive economic growth,” PwC’s Tax Leader for South China, including Hong Kong, Charles Lee, said.

Lee said short-term measures like consumption vouchers,  tax reduction and rates concession can address pressing issues. Meanwhile, adjustment to the value bands of the ad valorem stamp duty payable will be able to ease the financial burden of first-time local homebuyers.

On the other hand, long-term initiatives like the proposed introduction and refinement of various preferential tax regimes, enhancement to listing rules and introduction of a re-domiciliation regime will allow Hong Kong to be a resilient city, added Lee. 

“It is important that these initiatives are formulated in a competitive and commercially feasible way to boost the economy sustainably and attract more talent. We hope that the Government will execute these measures efficiently and effectively to ensure that the community can benefit from them as intended,” he said.

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