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Hong Kong Considers Easing Stamp Duty Refund Restrictions

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

20 November 2017


Hong Kong is planning to re-table legislation that would increase the period of time allowed for Hong Kong taxpayers to apply for a stamp duty refund.

Hong Kong allows certain taxpayers to claim a partial refund of ad valorem stamp duty if they are a Hong Kong Permanent Resident and they sell the only home they owned subsequent to purchasing a new one. However, eligible taxpayers have only six months to sell their existing property and make an application to the Hong Kong tax agency.

It has been proposed that Hong Kong should extend this deadline to nine months or 12 months, through the Stamp Duty (Amendment) Bill 2017, which had been tabled for parliamentary consideration in October 2017 but consideration was deferred.

Financial Secretary Paul Chan, announcing the measure on November 19, noted that during the previous debate some lawmakers said the six-month time limit for a stamp duty refund was too much of a rush for homebuyers.

TAGS: environment | tax | law | legislation | stamp duty | Hong Kong

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