For the period, PwC experts the total revenue of profits tax and salaries tax to be around HK$180.0 billion, while new stamp duty measures introduced in a bid to curb property speculation will result a decrease in the revenue from stamp duties from HK$42.9 billion in fiscal 2012/13 to HK$36.1 billion in 2013/14. On the other hand, revenue from land sales for 2013/14 will likely reach HK$79.6 billion, or HK$10.5 billion higher than the government's original estimate.

The figures will give some comfort to the local wealth management industry as they suggest that Hong Kong, which has not been able to entirely shrug off the impact of the wider global turmoil in recent years, remains in relative rude health compared with certain other jurisdictions. As reported a few days ago, Hong Kong has returned to being one of the world's top three hubs for initial public offerings; the IPO market is a key driver of new wealth (a fact that is not lost on the wealth management sector). 

"The tapering initiated by the US Fed has foreshadowed the recovery of the US economy. We are cautiously optimistic about the global economy this year," said KK So, PwC Hong Kong tax partner, in a statement.

By the of March 2014, the fiscal reserves would reach HK$756.2 billion, equivalent to 21 months of total Government expenditure, the report added.