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HK's tax revenue hits record high

(Xinhua)
Updated: 2007-05-03 09:32

Hong Kong's total tax revenue soared to a record high of 155 billion HK dollars (US19.87 billion) in 2006-07, up 7 percent on the last financial year, Commissioner of Inland Revenue Alice Lau said Wednesday.

Income from profits tax rose 3 percent over a year earlier, to 71.9 billion HK dollars (US9.22 billion), while that from salaries tax grew 3 percent to 38.6 billion HK dollars (US4.95 billion). An 8 percent rise was recorded in revenue from property tax and personal assessment, bringing the income to 4.8 billion HK dollars (US615.38 million).

Estate-duty revenue plummeted 54 percent, to 778 million HK dollars (US99.74 million ), while that from stamp duties soared 40 percent, to 25.1 billion HK dollars (US3.22 billion ). The income from other taxes also rose 5 percent, to 1.8 billion HK dollars (US230.77 million), while revenue from betting duty nudged up 1 percent, to 12 billion HK dollars (US1.54 billion).

In this year's Budget, the Financial Secretary proposed waiving 50 percent of salaries tax and tax under personal assessment for 2006-07, subject to a ceiling of 15,000 HK dollars (US1,923) per case. Lau estimated the income from total earnings and profits tax will drop to 112 billion HK dollars (US14.36 billion) in 2007-08.



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