Photo by Ruslan Bardash on Unsplash

HK greenlights amendments to the Stamp Duty bill

The amended law introduces a refund mechanism under the Buyer's Stamp Duty, amongst others.

To further attract talent from around the world to stay longer in Hong Kong, the Legislative Council passed the Stamp Duty (Amendment) (No. 2) Bill 2023.

The amended law introduces a refund mechanism under the Buyer's Stamp Duty and the New Residential Stamp Duty regimes.

The amended law allows eligible talent who entered Hong Kong under a designated talent admission scheme and eventually became a permanent resident, to apply for a refund of duties paid for a residential property they acquired on or after October 19, 2022, as long as it was their first property at that time.

“The Ad Valorem Stamp Duty at Scale 2 rates, ie the rates applicable to first-time home buyers who are Hong Kong permanent residents, will still be payable,” the government clarified.

Deputy Chief Secretary Cheuk Wing-hing said the refund mechanism will bring the overall stamp duty charged on eligible incoming talent on par with that levied on first-time home buyers who are Hong Kong permanent residents, thereby reducing the cost of home purchase for incoming talent who can and wish to buy residential properties in Hong Kong.

The Inland Revenue Department will accept refund applications from incoming talent following the gazettal of the amended ordinance on June 30.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Home prices may rise up to 5% amid strong first-hand sales demand
Transactions may reach 55,000-58,000 units, driven by first-hand sales contributing 35-40%, the highest level since 2004.
TADA launches beta ride services in Hong Kong
Booking fees are HK$8 for rides under HK$100 and HK$9 for higher fares.
Utilities