24 June 2014 - On 22 February 2013, the Financial Secretary announced the Government would amend the Stamp Duty Ordinance by adjusting the ad valorem stamp duty rated (ie. Double Stamp Duty Proposal). The proposal attracted much criticism and is still under review as a result.
The Hong Kong Economic Times reported that with over a year for deliberation, the Double Stamp Duty Proposal is set for a second reading at the Legislative Council on July 9. It is expected the proposal will be given final approval by the legislative bodies in the third reading and become a rule of law following this.
The Double Stamp Duty (DSD) will not apply to Hong Kong permanent resident buyers who are not the beneficial owner of any other residential property in Hong Kong at the time of acquisition of a residential property.
