HONG KONG BUDGET - 2016/17
The Financial Secretary, Mr. John Tsang, delivered the 2016-17 Budget Speech at the Legislative Council on 24 February 2016.
In this Tax Flash, we set out a summary of the following:-
Economic Performance and Outlook Financial Highlights Relief and Measures Strategy on Developing Economy, Enhancing Competitiveness and Supporting Enterprises Our Commentary 1. Economic Performance and Outlook
GDP grew by 2.4% in real terms and GDP per capita became HK$328,900 in 2015. GDP growth rate is forecasted to be 1 - 2% in 2016. GDP per capita is forecasted to be HK$334,500 - HK$337,800 in 2016. Unemployment rate was 3.3% in 2015. The underlying average inflation rate was 2.5% in 2015. The underlying inflation rate is forecasted to be 2% in 2016. Hong Kong is the world's largest offshore RMB business hub, with the world's largest pool of RMB liquidity. Hong Kong ranked first globally in terms of funds raised through initial public offerings, which amounted to HK$260 billion in 2015. 2. Financial Highlights
A surplus of...