Hong Kong’s government may have lost at least HK$2.16 billion (US$278.68 million) in tax income in the current financial year, after the city’s legislature failed to pass a two-year old law to collect a vacancy tax on developers hoarding completed homes.The foregone receipt was calculated based on a 5-per cent levy on 3,945 unsold homes with HK$43.2 billion in estimated value that were left unsold for more than a year after receiving their occupation permits between June 2018 and May 2019,…
Source : South China Morning Post
Read more…Hong Kong’s deferred vacancy tax carries a US9 million price tag, adding to the financial woes of a recession-busting budget deficit
