It was the correct decision to control Government spending. By maintaining a balanced budget in the medium term, the Financial Secretary is sending a message to the international community that the financial management of Hong Kong is prudent. Grant Thornton has advocated for some time that Hong Kong does not have a structural deficit problem. Instead, the recent deficits are the result of the economic cycles in Hong Kong. It is encouraging that the Government is coming around to this view.
Personal allowances remain unchanged.
Betting duty Betting duty remains unchanged. Land and sea departure tax Land and sea departure tax will not be introduced pending recommendations of the Task Force on Review of Public Finances and the Advisory Committee on New Broad-based Taxes. The aim of this Bulletin is to alert taxpayers to recent developments. The information is general in nature and it is not to be taken as a substitute for specific advice. Accordingly, Grant Thornton accepts no responsibility for any loss that occurs to any party who acts on information contained herein without further consultation with ourselves.