Hong Kong has gazetted the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 on 8 November 2024, which eliminates stamp duties payable on the transfer of real estate investment trust (REIT) units and the jobbing business of option market-makers.
The bill proposes waiving the 0.1% stamp duty on the transfer of REIT units in HKSAR to improve its market competitiveness and align it with international markets like China, Japan, Singapore, and the United States.
It introduces a revamped stamp duty collection framework for the uncertificated securities market (USM) regime in the Hong Kong Special Administrative Region (HKSAR). It is slated for its first reading in the Legislative Council on 20 November 2024.
This bill is estimated to reduce government revenue by about HKD 1 billion annually. It was proposed as part of Hong Kong’s 2024-25 Budget, which was announced on 28 February 2024.
