The Hong Kong Inland Revenue Department announced on 19 January 2017 that the Stamp Duty (Amendment) Ordinance 2018 has been published in the Official Gazette.
The Stamp Duty (Amendment) Ordinance 2018 has been gazetted
The Amendment Ordinance increases the ad valorem stamp duty ("AVD") rate on certain instruments executed on or after 5 November 2016 for dealing with residential properties to a flat rate of 15%. For Hong Kong permanent residents who change their residential property and wish to claim partial refund of the AVD paid on acquisition of the new property, the Amendment Ordinance also extends the time limit for the disposal of the original property from within 6 months to within 12 months after the date of conveyance of the new property. Please refer to Stamping Circulars Nos. 02/2018 and 03/2018 for the new stamping arrangements. The FAQs and the illustrative examples for AVD - Scale 1 and Scale 2 have also been updated.
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