hong-kong-faces-huge-budget-surplus

Hong Kong faces huge budget surplus

PricewaterhouseCoopers expects the government to offer one-off tax cuts and grants, but few general tax reductions, as it struggles with an estimated $13.5 billion surplus.
PricewaterhouseCoopers PWC says the Hong Kong government is likely to hand taxpayers between HK$34.8 billion $4.5 billion and $37.8 billion in one-off tax cuts and grants as it decides what to do with its mounting budget surplus.

ôThe government will not want to systematise tax reductions, but it will be looking at one-off grants to taxpayers, as a way to give some of that surplus back,ö says Guy Ellis, a tax partner at PWC, at a press conference in Hong Kong.

But the one-off cuts will barely put a dent in the HK$105 billion $13.5 billion budget surplus that PWC is forecasting for 20072008.

The final consolidated surplus or budget...
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