Law to affirm double stamp duty passed, 17 months after levy came in
The extra tax, which has been levied on almost all property purchases since early last year, voted into law before Legco’s summer break
Legislation doubling the stamp duty on most property purchases was finally passed by lawmakers last night, just before the Legislative Council enters its three-month summer recess.
Under the measure, which is designed to help cool the property market, buyers of all properties valued at HK$2 million or more will pay double the normal stamp duty, up to a ceiling of 8.5 per cent.
The double duty has been collected on transactions since February last year, but will only now be paid to the government with the passage of the law.
Secretary for Financial Services and the Treasury Professor Chan Ka-keung said he was happy the legislation had finally passed. He said it would be reviewed in the next 12 months to see if any adjustments were needed.
Lawmakers voted down an amendment that sought to allow corporate buyers a refund of the extra tax on properties they used for their own business, provided they kept it for three years.
Originally proposed by Kenneth Leung of the Professional Commons, it was taken up by fellow group member Charles Mok because Leung could not attend.
