Property News · November 7, 2016

Hong Kong’s property stamp duty leaves a gaping loophole


Hong Kong’s government, which more than doubled a stamp duty over the weekend to tame runaway real estate prices, has left a gaping loophole in the tax regime, allowing first-time buyers of multiple properties to get away with not paying the levy.
The tax ordinance collects stamp duty based on the total value of each instrument, or sales agreement, according to a statement by the Hong Kong Transport & Housing Bureau, in response to a query by the South China Morning Post.
“For a…

Source : South China Morning Post
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