Hong Kong's Budget Deficit - 2024-2025

[muzzdang]

https://www.fstb.gov.hk/tb/en/busine...government.htm

Looking at prior years, land premium and stamp duty combined were more than profits tax, but there was a significant drop in 2022/23, and an increase in profits tax

[GentleGeorge]

At least I am moderately certain we will not be getting any nonsense like an unrealized profits tax any time soon

[mtkl]

Good news to those looking to finally get into HK property like myself! Still early, the road will be bumpy.

Yes, but interest rates are going to fall, which means “affordability” goes up.

[redslert]

I've been saying for years taxes will slowly increase in HK due to massive disparity with China. It will not reach the same % but it will only increase.

[GentleGeorge]

I've been saying for years taxes will slowly increase in HK due to massive disparity with China

And how has that been going for you so far?

[newhkpr]

And how has that been going for you so far?

Hong Kong is just slower as usual than Singapore. Income taxes have risen a ton since I lived there ten+ years ago (was topping out at 15% back then like here in HK).

Now:
Currently, the top marginal tax rate for a resident individual taxpayer in Singapore is 22% for chargeable income more than $320,000. From Year of Assessment 2024, the top marginal tax rate will be increased from 22% to 24%, to enhance the progressivity of personal income tax structure.

[GentleGeorge]

Hong Kong is just slower as usual than Singapore. Income taxes have risen a ton since I lived there ten+ years ago (was topping out at 15% back then like here in HK).

Now:
Currently, the top marginal tax rate for a resident individual taxpayer in Singapore is 22% for chargeable income more than $320,000. From Year of Assessment 2024, the top marginal tax rate will be increased from 22% to 24%, to enhance the progressivity of personal income tax structure.

Singapore doesn't have a badass patron backstopping it, they have to fund themselves AND pay for defence against their pesky neighbours, no surprises that is more expensive

[muzzdang]

Hong Kong is just slower as usual than Singapore. Income taxes have risen a ton since I lived there ten+ years ago (was topping out at 15% back then like here in HK).

Now:
[FONT="]Currently, the top marginal tax rate for a resident individual taxpayer in Singapore is 22% for chargeable income more than $320,000. From Year of Assessment 2024, the top marginal tax rate will be increased from 22% to 24%, to enhance the progressivity of personal income tax structure.[/FONT]

Plus their GST has been increasing steadily over the years, and have you tried eating out at a medium / high end restaurant in SG - it's bloody murder! By comparison, HK restaurants seems more value for money

[Elegiaque]

Looking into the numbers its clear the major issue is the increased spend actually, not the revenue dropped that massively. The gov machinery has to get smaller and leaner, and less well paid. Now when there is an incident and the police is called there its always 4-5-6 police standing on the street doing nothing while 1-2 is actually resolving the issue. I'm pretty sure there is a lot of fat to cut in general in the government, do they want to do it though? Probably not, issuing some bonds is easier..

I don't think so. People won't bite the hand that feeds then, and it's one way to have a percentage of the population on your side: provide a good, reliable job.

[seirin]

I've been saying for years taxes will slowly increase in HK due to massive disparity with China. It will not reach the same % but it will only increase.

patriots governing hong kong must also pay the patriotic tax rates along with all the other partriotic comrades. it's just a matter of time.