Hong Kong to abolish double stamp duty on commercial property in move designed to boost small firms’
The Hong Kong government is expected to abolish the double stamp duty for commercial property in a move seen as helping small and medium companies shore up their cash flows amid the city’s worst economic crisis on record.
According to sources familiar with the matter, Carrie Lam Cheng Yuet-ngor, the city’s leader, may announce the move during her policy address on Wednesday. The stamp duty for residential property, however, would remain in place, they added.
Introduced to tackle speculative practices in February 2013, the double stamp duty – officially known asDoubled Ad Valorem Stamp Duty (DSD) – is charged at different rates that depend on asset prices. It doubled or increased stamp duty rates across the board.