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Mr. Kickets, HKD
The minister was
grateful for this mothe
Mr
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F Ricketts
Hong Kong Department
DATE: 5 March 1993
cc: Sir J Coles o/r
Mr Broadbent,
Economic Advisers Mr Morris, FED Mr Wye, RAD
q
HONG KONG: 1993 BUDGET
1.
The Minister might like a brief summary of the main points in the Financial Secretary's budget speech on 3 March:
This
- A record surplus in 1992/93 - HK$20.5 billion.
is higher than the projected figure due to capital underspending and higher than expected revenue.
Budget deficits projected for each of the years up to 1997, with the extra spending going mainly to fund capital programmes, particularly the Airport.
Nevertheless, an increased reserves forecast of HK$78.4 billion at 31 March 1997 - HK$6.8 billion more than last year's estimate.
- Inflation forecast to remain uncomfortably high at
9.5% in 1993.
Corporate profit tax rate to remain unchanged at 17.5%.
Expenditure includes new measures (beyond those announced by the Governor in October) on social security, health, the environment and
infrastructure, particularly improved road links with China.
- Tax reductions for 90% of income earners, through
higher allowances and bands. Reduced stamp duty on share dealing.
goodlad.budget/MONEY/bp
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