February 2017 - The new Ad Valorem Duty (“AVD”)
On 4 November 2016, the Government proposed to increase the ad valorem stamp duty rates on transfer of Hong Kong residential properties from the existing Scale 1 rates (i.e. ranging from 1.5% to 8.5%) to a flat rate of 15% with effect from 5 November 2016. The Stamp Duty (Amendment) Bill 2017 (the “Bill”) was gazetted on 27 January 2017 for the enactment of the proposed new measure.
For further details, please feel fee to download the attached Hong Kong Tax Newsletter.
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