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Bumper tax benefits for 1.88 million Hongkongers thanks to record HK$138 billion surplus, Paul Chan reveals in budget speech
As it happened: with city holding surplus of HK$138 billion, administration announces HK$50 billion in relief measures
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Hong Kong Financial Secretary Paul Chan Mo-po rolled out the city’s budget at the Legislative Council on Wednesday morning, delivering the administration’s first formal address on fiscal policy since Chief Executive Carrie Lam Cheng Yuet-ngor kicked off her five-year term last July.
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Budget highlights
- Close to 40 per cent, or HK$52 billion, of a record HK$138 billion surplus going to relief measures
- A massive HK$50 billion set aside to promote innovation and technology development
- Government estimates higher growth in Hong Kong’s GDP, of 3 to 4 per cent this year
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- Property rates waived for all four quarters, capped at HK$2,500, benefiting 3.25 million taxpayers
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