Hong Kong 2023-24 Budget insights | EY China

Feb 22, 2023 · The Financial Secretary concluded his budget speech by noting that he has recently seen many happy faces around Hong Kong. Whilst Hong Kong recorded a budget …

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FAQs about Hong Kong 2023-24 Budget insights | EY China Coupon?

Will Hong Kong have a fiscal deficit in 2023?

Ernst & Young Tax Services Limited (EY) estimates that the Hong Kong SAR Government (the Government) will record a fiscal deficit in the financial year 2023-24 of HK$148.0 billion, which would exceed the HK$54.4 billion originally forecasted in the Government’s Budget announced in February 2023 by almost two times. ...

What are the key features of the 2023/24 Hong Kong budget?

A new patent box regime will be introduced and existing aircraft leasing, funds and carried interest tax concession regimes will be reviewed and enhanced. On 22 February 2023, the Financial Secretary (FS) of Hong Kong announced the 2023/24 Hong Kong Budget (Budget). This Alert summarizes the key features of the Budget. ...

How much money will Hong Kong spend in 2023?

In the 2023-24budget, the Financial Secretary estimated this to be around HK$15 billion. The HKICPA is calling for an update to this figure to make Hong Kong’s overall fiscal position clearer. Optimize public expenditure ...

Does Hong Kong have a budget deficit?

Estimated fiscal position for 2023-24 and in the subsequent few years The FS announced that Hong Kong would record an estimated budget deficit of HK$101.6 billion for 2023-24, leaving the estimated fiscal reserves as of 31 March 2024 to HK$733.2 billion, representing only about 12 months of government expenditure. ...

Why did HKD lose a surplus in FY 2023?

Turning from a surplus of HKD29.4 billion for FY2021-22, this weak fiscal outcome was mainly due to softer stock and property markets, reduced revenue from tax and land premiums, and increased expenditure on anti-epidemic efforts and relief. This will cause a sharp drop in fiscal reserves to HKD817.3 billion by the end of March 2023. ...

What is the budget deficit for 2023-24?

The Financial Secretary has forecast a budget deficit of HKD 101.6 billion for the 2023-24 fiscal year, almost double its original estimate of HKD 54.4 billion. This is primarily due to the significant shortfall in land related revenue and stamp duty revenue. ...