HK government books a $11.2 billion surplus for the year ended March

The Hong Kong government booked a surplus of HK$11.2 billion for the year ended March, according to the provisional financial results.

The figure was calculated after taking into account HK$156 billion received from issuance of bonds and repayment of HK$52 billion principal on bonds, the government said in a statement.

The fiscal reserves stood at HK$665.5 billion as of March 31.

Expenditure and revenue for the year ended March 31 amounted to HK$790.3 billion and HK$697.5 billion respectively. They were 3.9 percent below and 5.8 percent higher than the original estimate, respectively.

The surplus was mainly attributable to the higher-than-expected revenue from profits tax (HK$3.6 billion), stamp duties (HK$3.1 billion) and land premium (HK$1.1 billion). 

A government spokesperson said that these are provisional figures pending the final closing of the annual accounts, but any changes to the provisional figures are unlikely to be significant.

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