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Hong Kong Adopts Law To Cut Stamp Duty Rates

by Mary Swire, Tax-News.com, Hong Kong

19 March 2021


Hong Kong has passed legislation to abolish the doubled ad valorem stamp duty (DSD) rates applicable to non-residential property transactions with effect from November 26, 2020.

DSD was introduced in 2013 with the aim of dampening the demand for non-residential properties and maintaining stability in the property market.

The Government decided to abolish DSD as a demand-side management measure in response to the current economic downturn and uncertainties surrounding the COVID-19 pandemic. The ad valorem stamp duty rates chargeable on non-residential properties will revert to the Scale 2 rates.

TAGS: tax | real-estate | legislation | tax rates | stamp duty | Hong Kong | tax reform

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