Hong Kong Legislature Passes Bill to Abolish Doubled Stamp Duty on Non-Residential Properties

The Hong Kong Inland Revenue Department March 17 announced the same date passing of the Stamp Duty (Amendment) Bill 2020 by the Legislative Council. The bill includes measures to: 1) revert the ad valorem stamp duty rates on non-residential properties to the Scale 2 rates for the abolition of the Doubled Ad Valorem Stamp Duty (DSD); and 2) apply the amendment retrospectively from Nov. 26, 2020. [Hong Kong, Inland Revenue Department, 03/17/21]

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