Hong Kong’s tax revenue rose by 22 per cent to HK$458.3 billion (US$58.5 billion) in the past financial year, driven by a buoyant stock market and increased property transactions. Commissioner of Inland Revenue Benjamin Chan Sze-wai announced on Monday the provisional tax figures for the year ending March 31. Stamp duty jumped by 61 per…
Hong Kong’s sole legal betting operator had earmarked HK$1 billion (US$127.7 million) and hired 180 people to develop a basketball wagering system, but will now take a financial hit after the government announced this week it was halting plans for its roll-out, a source has said. The source close to the Hong Kong Jockey Club…
Hong Kong customs has seized about 20 million illicit cigarettes with an estimated market value of HK$92 million (US$11.46 million) from a cargo vessel during a joint anti-smuggling operation with authorities in mainland China. The cigarettes would have generated about HK$68 million in tax revenue, authorities said on Saturday. Officers from the Customs and Excise…
New York City Mayor Zohran Mamdani is the fresh face of America’s progressive vanguard, so his policy moves are worth watching. His first big move is threatening to raise property taxes unless Democrats in Albany raise taxes on top earners and business. What an ultimatum: Fleece the rich for him, or he’ll fleece them and…
The State Council has approved draft regulations for implementing China’s new value-added tax (VAT) law, which is aimed at governing the country’s largest source of tax revenue and set to come into effect early next year. The regulations, released for public consultation in August and approved on Friday, outline detailed rules for enforcing the VAT…
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Billionaire entrepreneur Elon Musk is once again raising concerns regarding the U.S. fiscal outlook, warning of dire consequences as interest on Federal debt balloons to unsustainable levels. What Happened: On Tuesday, in a post on X, Musk warned…