Financial Secretary Paul Chan Mo-po announced the 2022/23 Budget on 23 February, outlining the government’s latest tax and fiscal policy directions, support measures and resources allocation with a view to revitalise the economy and relieve the community’s burden.
Find out our responses to this year’s Budget and recommendations for making positive and sustained impacts for the economy, businesses, and individuals.
This year’s budget is a well-balanced one with measures covering both individuals and enterprises in a wide range of industries, with immediate measures to address the challenges brought about by the current epidemic situation as well as longer term measures to pave the path for recovery.
The revised estimated surplus of HK$18.9 billion for 2021/22 amid the epidemic, as compared with the Government’s original estimate of a HK$101.6 billion deficit, comes as a surprise but demonstrates that Hong Kong has a strong financial health, which also means that the city can return to the right track once the epidemic situation is under control. The surplus is partly due to a better-than-expected collection of tax revenue and land premium and partly due to the proceeds from the issuance of green bonds of HK$35.1 billion. The expected fiscal reserves of HK$946.7 billion by the end of March 2022 (equivalent to 16 months of government expenditure) provides a buffer for any additional future spending, especially in view of Hong Kong’s immediate anti-epidemic needs.
The information in this booklet is based on taxation laws and practices as of 23 February 2022 and incorporates legislative proposals and measures contained in the 2022/23 Hong Kong Budget announced on the same date.
Note: Legislative proposals do not become law until their enactment and may be modified by the Legislative Council before being enacted.