Hong Kong deficit could hit $120.9b in 2022/23: KPMG China

This is double the government’s estimates of $56.3b, KPMG China projected.

Hong Kong could record a deficit of $120.9b for the fiscal year 2022/23, which is double the original estimates of the government, worth $56.3b.

The wider deficit is linked to the less-than-expected land related revenues and stamp duty revenue.

KPMG China noted the city’s fiscal revenue could amount to $836.2b, by the end of March 2023.

“The opening of the borders and the relaxation of anti-epidemic measures provide an opportunity for an economic turnaround. Short-term fiscal deficit due to relief measures to support citizens and businesses is acceptable,” John Timpany, Partner, Head of Tax in Hong Kong, KPMG China, said.

“KPMG China believes that the Government should make the timely and right use of fiscal reserves to stimulate the economy, prepare for the turnaround, and maintain Hong Kong's competitiveness.”

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