Revised Estimates for 2025-26
270. The 2025‑26 revised estimate of total government revenue is about $688.8 billion, higher than the original estimate by 4.5 per cent.
271. Due to a buoyant equity market and an accelerated economic growth, the revenue estimate from stamp duties is revised to $99.5 billion, an increase of about $31.9 billion from the original estimate. Revenue from profits tax has increased by about $16.8 billion while that from salaries tax remains stable, with the revised estimates at $209 billion and $97 billion respectively, demonstrating the strong resilience of Hong Kong's economy. However, as the residential property market has just stabilised while the commercial property market remains relatively sluggish, government revenue from land premium stays low with the revised estimate at $17.5 billion, lower than the original estimate by $3.5 billion.
272. The revised estimate of total government expenditure for 2025‑26 is $789.2 billion, lower than the original estimate by $33.1 billion. Of this, recurrent expenditure is $572.4 billion, lower than the original estimate by $15.7 billion.
273. The Operating Account for 2025‑26, which was originally estimated to record a deficit of about $3 billion, will register a surplus of $51.3 billion. The Capital Account will record a deficit due to low revenue from land premium, coupled with high capital works expenditure to cater for the accelerated development of the NM and other public works projects relating to the economy and people's livelihood. Taking into account the issuance of government bonds of $155 billion and repayments of $51.7 billion, it is expected that the Consolidated Account will register a surplus of $2.9 billion instead of a deficit of about $67 billion as originally estimated. Fiscal reserves are expected to be $657.2 billion by 31 March 2026.
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