CPA Australia: Hong Kong Budget – Bold steps needed for economic boost

  • 100 per cent increase in tobacco duty, consider a tax on non-recyclable plastic products
  • Offer a two-tiered e-consumption vouchers with a target disbursement period in the first half of 2023, with HK$2,000 as the base amount for all eligible Hong Kong residents, and an additional HK$6,000 for underprivileged groups (in total HK$8,000)
  • Maintain the HK$10,000 tax rebate on salaries tax and increase tax allowances

HONG KONG SAR – Media OutReach – 15 February 2023 – One of the largest professional accounting bodies globally, CPA Australia, has released its recommendations for Budget 2023-24 to revitalise the economy and create a better future. With an estimated HK$126 billion fiscal deficit for the financial year 2022-23 and HK$820 billion of remaining fiscal reserves, CPA Australia believes Hong Kong needs bold action to attract talent, improve the environment and boost the economy.