受惠股市印花税收入向好 香港政府经营帐目由赤字转为盈余 地价收入拖累至非经营帐目仍赤字

Core Viewpoint - The Hong Kong government has revised its budget for the fiscal year 2025-26, projecting an overall revenue of approximately HKD 688.8 billion, which is 4.5% higher than the original budget [1]. Revenue Summary - The revised budget for stamp duty is HKD 99.5 billion, an increase of approximately HKD 31.9 billion due to active stock market trading and accelerated economic growth [2]. - The revised budget for profits tax has increased by approximately HKD 16.8 billion, while salaries tax revenue remains stable at HKD 209 billion and HKD 97 billion respectively, indicating strong economic resilience in Hong Kong [2]. - Government land revenue is projected at HKD 17.5 billion, a decrease of HKD 3.5 billion, attributed to a recovering residential property market and a relatively weak commercial property market [2]. Expenditure Summary - The overall expenditure for the government in the revised budget is HKD 789.2 billion, which is HKD 33.1 billion lower than the original budget [2]. - Regular expenditure is projected at HKD 572.4 billion, reflecting a reduction of HKD 15.7 billion from the original budget [2]. Financial Accounts Summary - The operating account is expected to shift from a projected deficit of approximately HKD 3 billion to a surplus of HKD 51.3 billion [3]. - The non-operating account is anticipated to remain in deficit due to low land revenue and increased spending on infrastructure projects related to economic and public welfare [3]. - After accounting for the issuance of HKD 155 billion in government bonds and the repayment of HKD 51.7 billion in maturing debt, the overall accounts are expected to transition from a projected deficit of approximately HKD 67 billion to a surplus of HKD 2.9 billion [3]. - The fiscal reserves are projected to be HKD 657.2 billion by March 31, 2026 [3].