Friday, February 22, 2019
Martin Hennecke

Surplus tipped at $158b
Deloitte estimated the budget surplus for the year to be HK$158 billion, over HK$141 billion more than the financial secretary's prediction.

It is attributed to the higher-than-expected revenue from land sales and stamp duty and lower expenditure.

Deloitte China tax partner Sarah Chan said it is better to provide measures addressing the specific needs of Hong Kong people, such as tax reduction, rather than giveaways.

Deloitte suggests offering permanent resident first-time residential property buyers a 50 percent reduction in stamp duty. Deloitte also proposes a salaries deduction on mortgage repayment, including capital repayment and interest, and rental expenses for the principal place of residence.

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