{
  "title": "Hong Kong SAR: Diversifying and Broadening Revenue",
  "publication": "Selected Issues Papers, June 17, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/selected-issues-papers/issues/2026/06/17/hong-kong-sar-diversifying-and-broadening-revenue-577029",
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  "summary": "Hong Kong SAR has faced persistent fiscal pressures amid declining fiscal revenue associated with changes in land use (land premiums), reduced stock market initial public offerings, headwinds to corporate profits, and weakness in the labor market.",
  "sections": [
    {
      "heading": "Overview and Key Findings",
      "content": "- Hong Kong SAR has faced persistent fiscal pressures amid:\n  - declining fiscal revenue associated with changes in land use (land premiums)\n  - reduced stock market initial public offerings\n  - headwinds to corporate profits\n  - weakness in the labor market\n- Recent revenue measures have provided partial relief.\n- Medium- to long-term fiscal pressures expected to intensify from:\n  - population aging\n  - rising social and healthcare spending\n  - pensions\n  - large-scale public investment\n- Maintaining strong fiscal buffers remains critical for monetary and financial stability.\n- The paper examines options to strengthen revenue mobilization and broaden the tax base to support fiscal sustainability and long-term resilience."
    },
    {
      "heading": "Policy Themes and Analytical Focus",
      "content": "- Revenue mobilization and tax-base broadening as central policy objectives.\n- Interactions between fiscal buffers and monetary/financial stability emphasized.\n- Attention to structural drivers of revenue decline (land premiums, IPO activity, corporate profits, labor market conditions).\n- Consideration of medium- and long-term spending pressures (demographics, social and healthcare outlays, pensions, investment)."
    },
    {
      "heading": "Publication and Metadata",
      "content": "- Authors: Dan Devlin, Yizhi Xu\n- Publication date: June 17, 2026\n- Pages: 26\n- Volume: 2026\n- Issue: 047\n- Series: Selected Issues Paper No. 2026/047\n- DOI: https://doi.org/10.5089/9798229051576.018\n- Stock No: SIPEA2026047\n- ISBN: 9798229051576\n- ISSN: 2958-7875\n- Subject: Consumption, Income, National accounts, Personal income tax, Revenue administration, Taxes, Value-added tax\n- Keywords: Asia and Pacific, broadening revenue, Consumption, Fiscal Policy, Global, Hong Kong SAR, Hong Kong SAR Financial Services and the Treasury Bureau, IMF country, IMF staff, Income, issues paper, Personal income tax, Revenue Mobilization, Tax Policy, Value-added tax\n\nSource: \"Hong Kong SAR: Diversifying and Broadening Revenue\", Selected Issues Papers (2026), by Dan Devlin and Yizhi Xu, June 17, 2026.\n\n---\n\n Content in this bundle\n\n- Sipea2026047\n  - Sipea2026047 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Sipea2026047 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/selected-issues-papers/issues/2026/06/17/hong-kong-sar-diversifying-and-broadening-revenue-577029"
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    "Authors: Dan Devlin, Yizhi Xu",
    "Published: June 17, 2026",
    "Series: Selected Issues Papers",
    "DOI: https://doi.org/10.5089/9798229051576.018",
    "Hong Kong SAR has faced persistent fiscal pressures amid:",
    "Recent revenue measures have provided partial relief.",
    "Medium- to long-term fiscal pressures expected to intensify from:",
    "Maintaining strong fiscal buffers remains critical for monetary and financial stability.",
    "The paper examines options to strengthen revenue mobilization and broaden the tax base to support fiscal sustainability and long-term resilience.",
    "Revenue mobilization and tax-base broadening as central policy objectives.",
    "Interactions between fiscal buffers and monetary/financial stability emphasized.",
    "Attention to structural drivers of revenue decline (land premiums, IPO activity, corporate profits, labor market conditions).",
    "Consideration of medium- and long-term spending pressures (demographics, social and healthcare outlays, pensions, investment).",
    "Authors: Dan Devlin, Yizhi Xu",
    "Publication date: June 17, 2026",
    "Pages: 26",
    "Volume: 2026",
    "Issue: 047",
    "Series: Selected Issues Paper No. 2026/047",
    "DOI: https://doi.org/10.5089/9798229051576.018",
    "Stock No: SIPEA2026047",
    "ISBN: 9798229051576",
    "ISSN: 2958-7875",
    "Subject: Consumption, Income, National accounts, Personal income tax, Revenue administration, Taxes, Value-added tax",
    "Keywords: Asia and Pacific, broadening revenue, Consumption, Fiscal Policy, Global, Hong Kong SAR, Hong Kong SAR Financial Services and the Treasury Bureau, IMF country, IMF staff, Income, issues paper, Personal income tax, Revenue Mobilization, Tax Policy, Value-added tax",
    "**Sipea2026047**"
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