EY Estimates a Fiscal Surplus of HKD 12 billion for 2013-14

by swisscham in Consulting, Legal, Services, Tax

EY estimates that instead of the originally budgeted deficit of HKD 4.9 billion, the final result for the year 2013-14 will be a surplus of HKD 12 billion. The forecast turnaround is mainly due to reduced levels of expenditure and higher land premiums more than compensating for an estimated fall in stamp duty revenues. EYs estimated surplus would increase Hong Kongs fiscal reserves to HKD 745.9 billion by the end of 31 March 2014. Agnes Chan, Managing Partner, Hong Kong and Macau at EY, says: The series of anti-speculation stamp duty measures introduced by the government since October 2012 have reined in price rises in the property market. While overall property prices have only recorded a slight increase during the first half of 2013, transaction volumes have declined noticeably since February 2013. The fall in the number of property transactions will lower the stamp duty revenue from this source. The drop in stamp duty from property transactions would however be largely offset by the collection of additional stamp duty from share transactions due to improving investor sentiment.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 9, 2020
Published By chinadaily.com.cn in Engineering / Manufacturing
October 6, 2020
Published By globenewswire.com in Engineering / Manufacturing
September 24, 2020
Published By schindler.com in Engineering / Manufacturing
September 14, 2020
Published By cgtn.com in Bilateral Relations
September 3, 2020
Published By s-ge.com in General Interest