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HK sees HK$14b surplus for 2005-06

(Xinhua)
Updated: 2006-07-22 15:11

A total of 14 billion Hong Kong dollars (about 1.81 billion U.S. dollars) surplus has been recorded for the 2005-06 financial year, the Financial Services and the Treasury Bureau of the government of the Hong Kong Special Administrative Region said on Friday.

It is 9.9 billion Hong Kong dollars (about 1.28 billion U.S. dollars) more than the revised estimate of 4.1 billion Hong Kong dollars (about 529.03 million U.S. dollars) announced in the 2006-07 Budget. Revenue for the year amounted to 247.1 billion Hong Kong dollars (about 31.88 billion U.S. dollars) and spending to 233.1 billion Hong Kong dollars (about 30.08 billion U.S. dollars).

Revenue was 5.4 billion Hong Kong dollars (about 696.77 million U.S. dollars) better than expected, largely as a result of higher collections in stamp duties, profits tax, salaries tax and land premiums towards the end of the financial year.

On March 31, the fiscal reserves stood at 310.7 billion Hong Kong dollars (about 40.09 billion U.S. dollars), up 14.7 billion Hong Kong dollars (about 1.90 billion U.S. dollars) compared with the balance of 296 billion Hong Kong dollars (about 38.19 billion U.S. dollars) on March 31 last year.

The rise comprised the surplus of 14 billion Hong Kong dollars (about 1.81 billion U.S. dollars) for the year ended on March 31, 2006 and 0.7 billion Hong Kong dollars (about 90.32 million U.S. dollars) for the write-back of provision for loss in investments with the Exchange Fund made in 2004-05 financial year.