HK Better than expected budget surplus
31-01-2009
The government has announced a budget surplus of almost HK$31-billion for the first nine months of the current financial year. This came on the back of a year-on-year rise of almost HK$75-billion in revenue from taxes and investment income. A government spokesman said revenue from salaries and profits tax was better than expected - despite a rise in the number of people asking to pay later. A tax partner with Grant Thornton, Paul Chow, forecast a full-year surplus of HK$10-billion to HK20-billion. But he said there could be a HK$30-billion to HK$50-billion deficit in the coming financial year. The Financial Secretary, John Tsang, will announce full year estimates in his budget next month. He warned that government finances could be volatile in the coming two months.
