HKD5.7bn Deficit Recorded In HK By by Mary Swire, for LawAndTax-News.com, Hong Kong 03 July 2008 It was announced on Monday that Government spending in Hong Kong in the first two months of the financial year amounted to HKD38.7bn with revenue of HKD33bn, resulting in a HKD5.7bn deficit. The Financial Services & the Treasury Bureau explained that a deficit in the initial months of a financial year is common, as some major revenue items like salaries and profits taxes are mostly received towards the end of a fiscal year. May saw HKD18.3bn in spending and HKD10.8bn in revenue, resulting in a deficit of HKD7.5bn. Fiscal reserves stood at HKD487.2bn on 31st May, the Financial Services & the Treasury Bureau concluded . .

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