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Hong Kong Deficit Narrows

by Mary Swire, Tax-News.com, Hong Kong

09 January 2013


The Hong Kong government recorded a surplus of HKD24.8bn (USD3.2bn) in November 2012, thereby reducing the deficit for the eight months ending November 30 to HKD11.7bn, the Financial Services and the Treasury Bureau has announced.

The figures show that total expenditure for the period amounted to HKD251.9bn, with revenue amounting to HKD240.2bn.

The government attributed the improved financial results in November mainly to the collection of profits tax. The revised estimates for the current financial year will be published along with the 2013-14 Budget on February 27, 2013.

The government’s fiscal reserves stood at HKD657.4bn as at the end of November.

TAGS: tax | economics | fiscal policy | international financial centres (IFC) | offshore | Hong Kong

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