Hong Kong’s Legislative Council has passed a bill to amend the stamp duty imposed on residential property transactions. The measures are effective retroactively from 27 October 2012.
The new measure includes:
- Enhanced special stamp duty rates; and
- A 15% buyer’s stamp duty on residential property acquired by any person (including a company) that is not a Hong Kong permanent resident.
The Stamp Duty (Amendment Bill) 2012, which was introduced into the Legislative Council on 9 January 2013, was passed on 22 February 2014. The Bill comprises these two demand-side measures that are designed to address concerns over an inflated residential property market.
