FS Elaborates On Surplus Allocation

The proposed package of relief measures will account for more than 70% of the surplus in 2018-19, Financial Secretary Paul Chan said.

Elaborating on his 2019-20 Budget at the Legislative Council Finance Committee meeting today, Mr Chan said the suggestion has been made in view of the revised estimate for surplus in 2018-19 and the economic situation.

The revised estimate for surplus is some $50 billion, comparing to the $140 billion surplus recorded in 2017-18.

The finance chief said the proposed surplus allocation is a balanced one, adding the relief measures will cover tax and rate payers, welfare payment recipients and people in need.

He rejected the call for cash handouts, as the move is contrary to the current-term Government’s new fiscal philosophy.

On the execution of the Caring & Sharing Scheme, Mr Chan said improvements have been made and the Government will carry out a review after the scheme ends.