Stamp Duty (Amendment) Bill 2013 gazetted

The Stamp Duty (Amendment) Bill 2013 was gazetted on 5 April 2013.

The Bill aims to implement the new measures to further address the overheated property market announced by the Government on 22 February 2013. The measures are:

1. to increase the ad valorem stamp duty (AVD) rates on transactions for both residential and non-residential properties; and
2. to advance the charging of AVD on non-residential property transactions from the conveyance on sale to the agreement for sale, which is the same as the existing arrangement for residential properties.

Under the new measures, any residential property (except that acquired by a Hong Kong Permanent Resident who does not own any other residential property in Hong Kong at the time of acquisition) and non-residential property acquired on or after 23 February 2013, either by an individual or a company, will be subject to the new rates of AVD

The amended ad valorem stamp duty rates as follow:

For further information in related to Hong Kong ad valorem stamp duty (AVD) rates:
http://www.ird.gov.hk/eng/faq/index.htm#avd