Hong Kong’s tax revenue hit a record HK$341.4 billion, which is USD 43.5 billion, in the past financial year, surpassing the previous peak largely on the back of a 20% surge in profits tax. However, tax officials suggest that the trend will not last long. They forecast a 2% drop in revenue for the 2019-2020 financial year. The government of Hong Kong has also presented a bit pessimistic economic outlook.
The Inland Revenue Department has recently announced that overall tax revenue collected increased by 4% to HK$341.4 billion in the 2018-2019 financial year, trumping last year’s record of HK$328.6 billion.
Out of the total collected revenues, 4 kinds of tax brought in record-high figures. These are profits tax, property tax, personal assessment taxes and betting duty. Profits tax accounted for HK$166.6 billion in earnings, close to half of the total, while salaries tax, which covered 2.68 million people, brought in HK$60.1 billion.
Filed under: Business and Economy, Financial statistics, HK as a Financial Centre, Investor's news, News and politics, Taxation
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