Hong Kong’s tax revenue fell by HK$18.2 billion (US$2.3 billion) to HK$342 billion in the last financial year amid a slump in the stock and property markets, but authorities have said income is set to rebound as curbs on buying flats have been scrapped.
Commissioner of Inland Revenue Tam Tai-pang said on Thursday he expected tax revenue to rise by 12 per cent in the 2024-25 financial year because of factors such as the property market cooling measures being lifted earlier this year, as well as growth in salaries and gross domestic product.
Provisional figures released by the Inland Revenue Department showed income from stamp duty collection in 2023-24 dropped by 30 per cent against the year before, from HK$70 billion to HK$49.1 billion.
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