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<Budget>Stamp Duty Rates on Residential Property Transactions Valued Above $100M to Be Raised from 4.25% to 6.5%; Rev. to Hike by $1B Annually
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Financial Secretary Paul Chan announced that the rates of stamp duty on residential property transactions valued above $100 million will be raised from 4.25% to 6.5%, based on the "affordable users pay" principle, affecting about 0.3% of residential property transactions. It is estimated that revenue will increase by about $1 billion per annum. This measure will take retrospective effect from tomorrow (26th) upon passage of the amendment bill by the LegCo. Furthermore, the government amended the Inland Revenue Ordinance to implement OECD's package by imposing the global minimum tax and implementing the Hong Kong minimum top-up tax on large multinational enterprise groups with an annual consolidated revenue of or above EUR750 million. This measure is expected to bring in an additional tax revenue of about $15 billion for the government annually starting from 2027-28. AASTOCKS Financial News Website: www.aastocks.com |
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