Residents to pay more tax on annual salaries exceeding HK$5 million, while government will revive 3 per cent tax on hotel stays and raise tobacco duty.
As total expenditure balloons to HK$760 billion, government urged to take a more targeted approach to spending and stop dishing out universal sweeteners.
Fanny Yeung, Travel Industry Council executive director, says visitors from the mainland estimated to be about 80 to 85 per cent of pre-pandemic levels.
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