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The 2003-04 Budget


Contents Paragraph

Introduction

1-5

Economic Performance and Current Situation

Economic Performance

6

Fiscal Deficit

 

 

7-8

Causes of our Fiscal Deficit

9-18

The Urgency of Solving the Deficit Problem

19-22

Development and Prospects

23

Big Market, Small Government

24-27

Building Hong Kong into a Regional Metropolis

28-31

Developing Human Resources and Infrastructure

Human Resources

32-34

Infrastructure

35-36

Enhancing Core Industries

37

Financial Services

38-42

Logistics

43-46

Tourism

47-49

Producer and Professional Services

50

Creative Industries, High-Tech Industries

51-52

Increasing Employment Opportunities

53

Economic Prospects

54-55

Public Finances

2002-03 Outturn

 

56

The Targets and Pace for Eliminating the Deficit

57-59

Controlling Public Expenditure

Operating Expenditure

60-61

The Size and Pay of the Civil Service

62-64

Expenditure on Social Welfare

65-66

Doing More With Less

67

Flexible Financial Management

 

68-69

 

Estimates of Expenditure

Allocation of Operating Expenditure

70-72

Estimates of Capital Expenditure

73

Public Expenditure

74

Raising Revenue

 

Considerations
75-76

Salaries Tax

77-84

Profits Tax

85-87

Property Tax

88

Motor Vehicles First Registration Tax

89-91

Air Passenger Departure Tax

92

Betting Duty

 

93

New Taxes

Boundary Facilities Improvement Tax

94

Football Betting Duty

 

95

 

Tax Concessions

Charitable Donations

96

Fund Management

97-99

Debt Instruments

100

Duty on Ultra Low Sulphur Diesel

101

Rates

 

102

Revenue Implications

103

Government Fees and Charges

104

Capital Revenue

105-106

Government Bonds

107-108

Assessment and Conclusion

Consolidated Account

109-111

Fiscal Reserves

112-113
Revenue-raising and Expenditure-cutting Measures vis-a-vis Economic Growth

114-115


Concluding Remarks

116-118




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