THE ECONOMY
revenue. All revenue from other land transactions is credited to the suspense account of the Capital Works Reserve Fund, pending sharing with the future Hong Kong Special Administrative Region Government. The sharing arrangement in 1992-93 resulted in $8.6 billion being transferred to the works account of the Capital Works Reserve Fund and $7.6 million to the future Hong Kong Special Administrative Region Government's account.
A further sum of some $1.1 billion was received in the same year by way of royalties and concessions. These are paid by certain major companies holding franchises, such as the Cross Harbour Tunnel Company Limited and television broadcasters, as well as holders of concessions to operate taxis and petrol stations.
The government's revenue sources provide for a stable and fairly broad-based tax system, which is able to ensure that adequate funds are available for the implementation of its medium-term expenditure programmes, as well as the maintenance of adequate fiscal
reserves.
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