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New duties on real estate to take effect tomorrow

New duties on real estate to take effect tomorrow - property rules - property duty - Hong Kong - Macau

The new stamp duty rules for property transactions were gazetted today and will take effect tomorrow.

The law extends the 20-percent special stamp duty to the sale of shops, offices and car parks if sold within one year after their purchase.

The levy drops to 10 percent if the resale takes place between one and two years after the original acquisition.

A similar special stamp duty has existed for over one year for residential transactions.

In addition, a new 10-percent tax levy will start to be charged to non-residents, companies and enterprise owners when they purchase residential units.

Contracts inked before the new duty’s enactment will enjoy a 30-day grace period to pay the respective stamp duty according to the previous rules.


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