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Business and Market Discussion

2021-02-25

Business and Market Discussion

2021-02-25
 Hong Kong Financial Secretary Paul Chan announced yesterday a budget to stabilise the economy, containing HK$120bn of counter cyclical measures. But the level of sweeteners at HK$80 billion this year, is 33% lower than last year’s HK$120 billion. The budget deficit is forecast to be a record HK$257.6 billion this year. That’s less than the government’s previous forecast of HK$300bn.

In a budget of halves, there were several familiar measures, but at half last year’s level. The salaries tax and profits tax waiver for the coming year was halved from HK$20,000 last year to HK$10,000 this year. And the handouts to the needy were also halved, with people getting an extra half a month’s worth of welfare, old-age, and disability allowances, instead of a full month as before. Last year’s cash handout of HK$10,000 was replaced with HK$5,000 worth of electronic spending vouchers.

Shares in Hong Kong plunged after financial secretary Paul Chan increased stamp duty from 0.1 to 0.13%. It’s the first time stamp duty in the city has been increased for almost 30 years. The Hang Seng Index tumbled 914 points or 3% to end the day at 29,718, its biggest fall in 9 months. Shares of Hong Kong Exchanges and Clearing fell as much as 12.3% before later trimming losses to 8.8% but still its biggest drop since 2015.

On today’s Money Talk, reviewing the 2021-22 budget is personal wealth advisor, Enzio von Pfeil, Kenneth Wong, Tax Partner at PwC Hong Kong and Samuel Faveur, Chief Executive Officer of Mandarin Capital.

Money Talk

A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live every weekday morning 8 to 8:30 a.m. on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at moneytalk@rthk.hk, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
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