BUDGET estimates of a $7.7 billion surplus at the end of the financial year remain on target, despite a downturn in the property and stock markets, the Government said.
The falls in share and property prices in the past few months had made no significant impact on official estimates of revenue for the 1994-95 financial year, Secretary for the Treasury Donald Tsang Yam-kuen said yesterday.
He said one-quarter of the estimated total revenue came from profits tax, with salary tax contributing 13 per cent.
Revenue generated from stamp duty made a smaller contribution - seven per cent of total expected revenue, said Mr Tsang.
He noted that prices in land sales in the early months of last year had been higher than expected, and the overall income from land sales and stamp duty had not departed significantly from the estimates made in the current Budget.
Land sales are expected to fetch 13 per cent of total revenue this fiscal year.