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Public Finance

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2022-23 Total government revenue and expenditure
  • 2021/22: Estimated surplus of $18.9 billion. Fiscal reserves are expected to be $946.7 billion by end March 2022 (equivalent to 16 months of government expenditure)
  • 2022/23: Estimated deficit of $56.3 billion due to the expenses for one-off relief measures and anti-epidemic measures, equivalent to 1.9% of GDP
  • 2023/24 to 2026/27: Fiscal balance is expected from 2023/24, fiscal reserves will gradually rebound to over $1 trillion

Striving to Maintain Healthy Public Finances

  • Government expenditure has entered a consolidation period. Long-term financial commitments should be commensurate with the increase in revenue
  • Maintain the development and vibrancy of our economy, and identify new areas of growth for increasing revenue
  • There is a need to implement measures to increase revenue without affecting people’s livelihood, but this is not the appropriate time to revise the rates of profits tax and salaries tax
  • The introduction of the global minimum tax rate in 2023 may help increase revenue from profits tax
  • Propose to introduce a progressive rating system for domestic properties to reflect the “affordable users pay” principle
Proposed future progressive rating system
for domestic properties

Download highlights leaflet (in PDF format) (about 4728 KB)