Hong Kong authorities have more than doubled their fiscal deficit estimate to HK$100 billion for the 2024-25 financial year, prompting calls to prioritize cutting expenses and potentially raising taxes due to weaker revenue from a soft property market. The structural reliance on land sales has been cited as a significant issue, with experts warning of the impact of slow economic growth on the current fiscal model. Finance chief Paul Chan Mo-po noted a slump in government revenue from land sales, stamp duty, and corporate taxes, emphasizing the need to consider cost-saving measures and resource reallocation before resorting to tax increases or external financing.
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Owner of burnt Toa Payoh flat fears for future, says his three children now have 'nothing'
SINGAPORE: A fire broke out at Mr. Tan Chee Siah's flat in Toa Payoh, injuring seven people, including a child and a firefighter. The fire, which started in the kitchen while Mr. Tan's wife was home alone, led to the complete destruction of the 10th-floor unit, leaving the family in a difficult financial situation as they seek temporary housing assistance.https://www.youtube.com/watch?v=Z-yqpt4p4Ls Want More Context? 🔎
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