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HK Weighs Hiking Taxes on Top Earners Again
The Straits Times
|January 17, 2025
Officials Considering Raising the 16% Tax Rate to Plug Shortfalls in the City's Budget
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HONG KONG - Hong Kong's government is exploring options to raise taxes on the city's highest earners for a second straight year to plug shortfalls in its budget, according to people familiar with the matter.
During a consultation with members of the public in recent weeks, Hong Kong's officials floated the idea of raising the 16 per cent tax rate on the top income band of HK$5 million (S$878,000) or more, said the people, who asked not to be identified discussing private information.
Another option discussed was to include more people in the highest tax bracket by lowering the threshold, they added.
It was unclear if any concrete plans have been finalised or whether the government will proceed after the preliminary consultation, the people said.
"During the budget consultation process, we received diverse proposals from different sectors and members of the public," a spokesperson from the Financial Secretary's Office said. "We do not comment on individual proposals or speculations."
This story is from the January 17, 2025 edition of The Straits Times.
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