Analysis
Hong Kong SAR Budget 2022/2023
Deloitte's Commentary
The Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), Mr. Paul Chan, has delivered his sixth budget on Wednesday, 23 February 2022.
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.
Explore Content
Press Release
The 2022-23 Budget: Balanced, forward-looking proposals to secure Hong Kong's sustainable growth through economic diversification
Today, Financial Secretary Paul Chan presented the 2022-23 Budget, pledging more than HKD54 billion to support the anti-epidemic work for Hong Kong businesses and individuals as the city grapples with its fifth and biggest wave of COVID-19.
Summary of Tax Measures
The Financial Secretary for the Hong Kong Special Administrative Region (HKSAR), Mr. Paul Chan, has delivered his sixth budget on Wednesday, 23 February 2022.
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, Paul Chan Mo-po, delivered the 2022-23 Budget speech today. This is the final budget prepared by Mr. Chan for the current government.
The Financial Secretary revised the projected fiscal deficit for the 2021-22 financial year from HKD101.6 billion to a projected surplus of HKD18.9 billion. Fiscal reserves are expected to stand at HKD946.7 billion as of 31 March 2022. The change of projected financial position from deficit to surplus was due to more revenue from land premium and profits tax.
Nonetheless, the unstable pandemic situation poses uncertainties and ongoing challenges to global economic recovery. The 2022-23 Budget was prepared amid the fifth wave of the COVID-19 pandemic and a complicated, fast-changing international political and economic landscape. Chan therefore took a balanced approach in providing relief and support to those affected by the pandemic and promoting economic development for the post-pandemic economic recovery in the 2022-23 Budget.
Media Coverage
Budget 2022-2023: Hong Kong is mulling allowing listings by large pre-profit or pre-revenue start-ups, Financial Secretary Paul Chan says
23 February 2022, RTHK, SCMP
In light of the new trend of developing low carbon and sustainable economy, this year's budget has proposed plans to launch a three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme. Deloitte China Tax Partner Polly Wan believes this would be a good move to incentivize commercial sectors to invest in (Environmental, Social & Governance) ESG and move toward Hong Kong's goal of achieving zero-carbon emissions by 2050.
