Hong Kong’s financial secretary Paul Chan delivered the 2018-2019 budget today, revealing an expected record-breaking fiscal surplus of about HK$138 billion this financial year.
Around 40 per cent of the fiscal surplus will go towards the community, while the rest will be used to improve services and invest in the future.
Taxpayers can expect as much as HK$30,000 off this year’s tax bills, while salaries and profits tax will be reduced by 75 per cent.
Part of the budget measures for the upcoming year include HK$50 billion towards innovation and technology development, HK$396 million towards the tourism industry and an increase in recurrent expenditure on healthcare.
HK$310 million will also go towards Ocean Park’s development on education and tourism projects, with the park distributing 10,000 complimentary admission tickets to primary and secondary school students in the upcoming year.
It is expected that the economy will continue to grow between three and four per cent, following growth of 3.8 per cent in 2017.
In his concluding remarks, Chan shared that his aim for this budget is to make Hong Kong a better place to live and work in.
Image: RTHKTags: Hong Kong, money, finances, budget address, tax