There are now questions about the government's earlier forecast of a budget deficit, as accounting firm Deloitte is predicting a HK$60 billion budget surplus for the fiscal year ending in March.
Deloitte's forecast is the polar opposite of the government's estimate of a HK$8.5 billion deficit made in March last year.
'The major reasons for the difference include a higher GDP growth, expected to be at 6 per cent instead of 4 to 5 per cent estimated by the financial secretary, a higher-than-expected revenue from land sales, as well as profits tax and salaries tax,' Deloitte said yesterday.
The firm's estimate is based on the government's latest announcement of a surplus of HK$21.2 billion for the eight months to November 30.
In addition, the government is expected to generate a surplus of about HK$38.8 billion in the last four months.
Rival auditing firm Ernst & Young estimates a budget surplus of HK$53 billion to HK$58 billion because of 'record income from land sales and additional stamp duty collected in the first half of 2011-12 from an active property market and stock transactions'.
Earlier this month, accounting firm PricewaterhouseCoopers said it expected a budget surplus of HK$55 billion.