Financial Secretary
The Financial Secretary's primary responsibility is to assist the Chief Executive in overseeing policy formulation and implementation in financial, monetary, economic, trade and employment matters.
The rate of each band for the first registration tax for private cars will be raised by 15% with immediate effect to relieve traffic congestion.
Financial Secretary John Tsang said in his Budget speech today the first registration tax for other types of vehicles and the existing concession for electric vehicles and environment-friendly petrol private cars will remain unchanged.
Private cars account for more than 60% of vehicles in Hong Kong. The year-on-year increase of private cars last year hit 5.4%, a record high of more than a decade. The number of private cars first registered last year surged to more than 41,000.
