Hong Kong’s tax revenue dropped by HK$18.3 billion (US$2.3 billion) to HK$360.2 billion in the last financial year, with the decline blamed on a dampened mood in the property and stock markets, which caused a 30 per cent plunge in stamp duty payments.

The 2022-23 decline in the tax take, announced on Tuesday, reversed an upwards trend recorded over the previous few financial years and was almost HK$30 billion lower than projections made last year.

Provisional figures released by the Inland Revenue Department showed the taxman collected a record HK$378.5 billion in 2021-22, up HK$47.7 billion – 14 per cent – on 2020-21.