Analysis
2024/2025 Hong Kong Budget
Deloitte's Commentary
The Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), Mr. Paul Chan, has delivered his eighth budget on Wednesday, 28 February 2024.
Our coverage includes a commentary and analysis in response to the Budget prepared by the Deloitte Hong Kong Budget Team, led by Ms. Polly Wan, Tax Partner of Deloitte China, and a summary highlighting the key proposals.
Press Release
The 2024-25 Budget: Well-rounded, forward-looking proposals to revive economic vitality
Hong Kong Special Administrative Region Financial Secretary Paul Chan delivered the 2024-25 Budget, which aims to boost economic growth and benefit the people through forward-looking policies that will promote capital markets, financial services, innovation and technology (I&T), land and infrastructure, a green future and the digital economy. This Budget aims to support Hong Kong to achieve more diversified, sustainable development.
Learn more. [English version] [Simplified Chinese version] [Traditional Chinese version]
Summary of Tax Measures
The Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), Mr. Paul Chan, has delivered his eighth budget on Wednesday, 28 February 2024.
Our coverage includes a commentary and analysis in response to the Budget prepared by the Deloitte Hong Kong Budget Team, led by Ms. Polly Wan, Tax Partner of Deloitte China, and a summary highlighting the key proposals.
Please click here to view about our Budget highlights and commentary.
Deloitte's Commentary
The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), Paul Chan Mo-po, delivered the 2024-25 Budget Speech today. This is the second budget he prepared for the current-term Government led by HKSAR Chief Executive John Lee Ka-chiu.
The Financial Secretary announced a fiscal deficit of HKD101.6 billion for the 2023-24 financial year (FY2023-24), down slightly from HKD122.3 billion for FY2022-23 but much higher than the original estimated deficit of HKD54.4 billion in the last year's Budget Speech. This was due to a gradual post-pandemic recovery and reduced revenue from stamp duties and land premiums. Fiscal reserves are expected to have declined to HKD733.2 billion as of 31 March 2024.
In preparing the 2024-25 Budget, the Government focused on consolidating public finances and gradually restoring fiscal balance by controlling expenditure and increasing revenue. It also strives for increasing Hong Kong’s competitiveness by enhancing the profits tax system and existing tax incentives.
