All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

HK issues guidance on special stamp duty

The Hong Kong Inland Revenue Department has finally issued interpretation and practice notes concerning the special stamp duty, eight months after the levy was first introduced.

The special stamp duty (SSD) was unveiled last November in an attempt to reduce short-term speculation in the territory’s property market.

The SSD is imposed on residential property transactions of all values acquired from November 20 2010 and resold within two years.

Stamp Office Interpretation and Practice Notes No.5 clarifies that the SSD will be based on different holding periods: 15% for property held for six months or less; 10% for more than six months but less than one year; and 5% for more than one year but less than two years.

The sale and purchase of a property is also defined within the notes.

If a taxpayer is deemed to have disposed of a residential property on the date they enter into a chargeable agreement as vendor to dispose of the property. If there is no such agreement for sale, the date of a conveyance to dispose of the property is the date of the disposal.

more across site & bottom lb ros

More from across our site

This week Brazil’s former President Luiz Inacio Lula da Silva came out in support of uniting Brazil’s consumption taxes into one VAT regime, while the US Senate approved a corporate minimum tax rate.
The Dutch TP decree marks a turn in the Netherlands as the country aligns its tax policies with OECD standards over claims it is a tax haven.
Gorka Echevarria talks to reporter Siqalane Taho about how inflation, e-invoicing and technology are affecting the laser printing firm in a post-COVID world.
Tax directors have called on companies to better secure their data as they generate ever-increasing amounts of information due to greater government scrutiny.
Incoming amendments to the treaty could increase costs on non-resident Indian service providers.
Experts say the proposed minimum tax does not align with the OECD’s pillar two regime and risks other countries pulling out.
The Malawian government has targeted US gemstone miner Columbia Gem House, while Amgen has successfully consolidated two separate tax disputes with the Internal Revenue Service.
ITR's latest quarterly PDF is now live, leading on the rise of tax technology.
ITR is delighted to reveal all the shortlisted firms, teams, and practitioners for the 2022 Americas Tax Awards – winners to be announced on September 22
‘Care’ is the operative word as HMRC seeks to clamp down on transfer pricing breaches next year.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree