$59b surplus recorded

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The Government recorded a $59 billion surplus in the year ending December 31, the Financial Services & the Treasury Bureau announced today.

It saw expenditure of $380.7 billion and revenue of $439.7 billion during the year.

The favourable financial results were mainly due to land premiums, profits tax and stamp duties.

Fiscal reserves stood at $1.1619 trillion as of December 31.

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