Hongkong Legislature Increases Tax Rate Through New Stamp Duty House To Curb Property Bubble

2010/11/4 9:21:00 47

According to Hongkong media reports, the Hongkong SAR Legislative Council passed the three reading.

stamp duty

The amendment to the Ordinance has increased the stamp duty of HK $20 million or more by 0.5 percentage points to 4.25%, while allowing no delay in paying taxes.

Zheng Ruhua, director of the pport and Housing Bureau of the SAR government, said that the SAR government increased the stamp duty of over HK $20 million from 3.75% to 4.25%.

Property market

One of the measures of foam.

She said that when considering the increase, the SAR Government referred to the private housing in the neighbouring areas.

property tax

It is appropriate that the rate of adjustment of stamp duty on building pactions is too high and the competitiveness of Hongkong as an international city will be adjusted to 4.25% at this stage.

She said that in order to ensure the healthy and stable development of the property market, the SAR government has introduced many measures, including enhancing market pparency, preventing excessive borrowing due to low interest rates, and implementing optimization measures to increase land supply.

The SAR government will pay close attention to the effectiveness of the measures and, if necessary, consider implementing appropriate new measures.