Hong Kong Nets Record Tax As Stocks, Property Boom

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2018-05-02 HKT 17:39

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• Hong Kong nets record tax as stocks, property boom

Inland Revenue Commissioner Wong Kuen-fai

A booming stock market and real estate sector have helped the Hong Kong government collect a record HK$328 billion in tax revenue in the last financial year.

The Inland Revenue Department said this represents a 13 percent increase on the year before.

The Commissioner of Inland Revenue, Wong Kuen-fai, said the money mainly came from a 54 percent jump in the amount of stamp duty collected, in light of the increased transactions in the stock and property markets.

The department said it sent out 2.6 million tax returns on Wednesday and urged people to file them within a month.

Wong said the revenue collection for next year to be HK$342.3 billion.