Gov’t OKs stamp duty amendment bill

The amendment will adjust to the demand-side management measures for residential properties.

The government greenlighted the Stamp Duty (Amendment) (Residential Properties) Bill 2023, which implements adjustments to the demand-side management measures for residential properties.

The adjustments include shortening the applicable period of the Special Stamp Duty from three years to two years; reducing the respective rates of the Buyer’s Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) from 15% to 7.5%; and providing a mechanism to suspend the payment of the BSD and NRSD for income talent acquisition of residential properties in Hong Kong.

Secretary for Housing Winnie Ho said the adjustments to the demand-side management measures under the bill were made concerning the overall residential property market situation.