Ye Liu clarified that he advocated exemption of stamp duty for mainlanders, only the New Democracy Party has an opinion. The government has not discussed relaxing the stamp duty on property

Ye Liu Shuyi

In an interview with Bloomberg, Ip Liu Shuyi, the convener of the Executive Council, said that the government could consider revoking the double stamp duty to mainland property buyers. be waived for them), I think the government should consider all the measures, this is something the government can consider, you know I can’t guarantee on behalf of the Chief Executive, but I believe that the measures can increase the interest in the real estate market.” The wording was later changed from “under consideration” to exempting mainland buyers from double stamp duty to “may consider”. Ye Liu Shuyi later issued a press release to clarify that the content of the interview at that time was only to respond to how to attract talents to Hong Kong, and did not mean that the SAR government was considering any specific measures; she also pointed out that the tax proposed to be relaxed in the interview was the Buyer’s Stamp Duty (BSD), which is also a The NDP will consult one of the proposals to the chief executive in next month’s policy address.

A spokesman for the Financial Secretary’s Office said that in response to reports that the government is considering relaxing the property stamp duty, the government clarified that there were no relevant discussions and made it clear that there were no relevant plans.

After the report was published at about 11 o’clock yesterday morning, real estate stocks jumped in response. The government issued a clarification, and the trend of real estate stocks turned sharply from up to down. The stamp duty on residential properties in Hong Kong is mainly divided into 4 categories, including ad valorem stamp duty (AVD, which is calculated according to the basic stamp duty band, the 2nd scale tax rate, the tax ranges from $100 to 4.25% of the property price, depending on the property price), double Double stamp duty (DSD, if non-Hong Kong residents, or already own a floor of Hong Kong residential, the tax rate is flat 15%), buyer’s stamp duty (BSD, if non-Hong Kong permanent residents, or the company’s name to buy a residential, an additional 15% is paid to the buyer Stamp duty), and additional stamp duty (SSD, purchase of residential properties within 3 years from the date of signing the contract, additional stamp duty is required, and an additional tax rate of 10% to 20% of the property price is required).

Originally published on AM730 https://www.am730.com.hk/local/Yi Liu clarifies that the proposal to exempt mainlanders from stamp duty is only the opinion of the NDP – the government has no discussion on relaxing the stamp duty on property/332854?utm_source=yahoorss&utm_medium=referral

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