Business Hong Kong

Hong Kong’s tax revenues soar by record 24%

The government’s tax income rose by a record 24 percent last year to a new high of HK$301.9 billion, the Inland Revenue Department said in its annual report.

government tax income

Photo: HKFP.

Stamp duty collections saw the biggest increase in 2014, surging 80 percent from HK$41.5 billion to HK$74.8 billion.

Profits tax collections rose 14 percent to HK$137.8 billion, while salaries tax intake grew by 6.7 percent to HK$59.3 billion.

Meanwhile, tax refunds dropped 2.1 percent from HK$12.02 billion to HK$11.78 billion.

The report also said tax revenue made up 75.9 percent of the government’s general revenue last year.

Hong Kong's tax revenues soar by record 24%