New measure raises stamp duty
It will increase the rate to 0.13% starting 1 August.
The ordinance raising the stamp duty payable on contract notes for the sale or purchase of Hong Kong stock to 0.13% will take effect on 1 August.
This is an increase from the current 0.1% rate.
The government made the announcement after it published the Revenue (Stamp Duty) Ordinance 2021 in the gazette, following the Legislative Council’s move to enact it on 2 June.
The ordinance will also raise the stamp duty rate to 0.26% on stock transfers from the current 0.2%.
The amendment was first introduced to the LegCo in March 2021. It was also amongst the measures Financial Secretary Paul Chan mentioned during his 24 February budget statement.
This forms part of the government’s move to raise revenue without introducing new taxes.