visimoney
TLDR:
- Financial Secretary Paul Chan surprises the market by axing all property cooling measures in Hong Kong budget 2024-25
- Chan introduces new taxes for the rich and seeks new revenues for the city’s economic recovery
In the Hong Kong budget for 2024-25, Financial Secretary Paul Chan made surprising moves to restore the city’s fiscal health. By scrapping all property cooling measures, such as Buyer’s Stamp Duty and New Residential Stamp Duty, Chan aims to boost property transactions and stabilize market confidence. Additionally, a new tax for top earners and increases in tobacco tax and business registration fees were introduced to generate additional revenue. Despite cutting relief measures, Chan aims to balance the budget in the next two years by issuing bonds and utilizing the Future Fund. The budget also includes provisions to support tourism, cutting-edge industries, and infrastructure development for economic growth.
