Gov't to speed up fund process

May 21, 2013

The passage of the Appropriation Bill for the Budget in the Legislation Council today has eliminated the risk of a large-scale shortage of funds for the Government, the council and the Judiciary.
 
Financial Secretary John Tsang made the statement today, saying the Government will finish the required statutory, administrative and accounting processes, and provide funds to Government departments and public organisations as soon as possible, to minimise any interruption to the provision of public services.
 
However, there may still be a delay in funds to the Hospital Authority and universities early next month, he added.
 
Some of the Budget's initiatives, including those relating to waiving rates and business registration fees, have already been implemented. For reductions in salary and profits tax, the Government has submitted the respective legislative proposals to the Legislative Council.
 
Mr Tsang said he hopes the council will inspect the bills and pass them soon.
 
Regarding the one-off measures in the Budget, such as extra social security and old-age living allowance payments, the Government will seek council approval for them as early as possible next month.