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.

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