Hong Kong tax revenue drops for second year amid stock market, property slump
Hong Kong’s tax revenue dropped by HK$18.2 billion in the last financial year, the second straight year of decline, amid slumps on the stock exchange and in the property market. The Inland Revenue Department (IRD) announced on Thursday that it had collected a provisional sum of HK$342 billion in tax revenue in 2023-24, five per cent less than the HK$360.2 billion in 2022-23. In the 2021-22 financial year, authorities collected HK$378.5 billion. Authorities sent out 2.44 million individual tax return forms this year, or 40,000 more than the previous year. Commissioner of Inland Revenue Tam Tai-...