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HK's operating revenue estimated HK$270.1b

(Xinhua)
Updated: 2008-02-27 14:57

Hong Kong's top financial official said Wednesday that he estimated the operating revenue for 2007-2008 to be HK$270.1 billion (US$34.7 billion), an increase of HK$48.7 billion over the original estimates.

"Thanks to the continued economic upturn in 2007, and our successful efforts to contain operating expenditure over the past few years, the Government's finances for 2007-08 are in very good shape," said John Tsang, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, when delivering the annual budget speech at the Legislative Council.

The main items that brought in higher-than-expected revenues were stamp duty on stock transfers which generated HK$35 billion, stamp duty on property transactions which generated HK$14.6 billion, profits tax which generated HK$89 billion and salaries tax which generated 37 billion HK dollars, he said.

Tsang estimated that operating expenditure for 2007-08 will be HK$206.4 billion, an increase of 6.4 percent over 2006-07.

"Overall, I forecast a surplus of HK$63.7 billion in the Operating Account for 2007-08. For the Consolidated Account, I forecast a surplus of 115.6 billion, which is an all-time high," he said.

This is four and a half times last year's forecast and is equivalent to 7.2 percent of Hong Kong's GDP. By March 31 this year, the city's fiscal reserves will have increased to HK$484.9 billion, he said.