News Archives (started from April 2018)

The Inland Revenue (Amendment) (No. 2) Ordinance 2019 was gazetted on 1 March 2019. The amendments relating to AEOI will take effect from 1 January 2020. A new webpage relating to mandatory provident fund schemes and occupational retirement schemes has been created. With the increase in the number of reportable jurisdictions from the current 75 to 126, the webpage for reportable jurisdictions has also been updated. In addition, some guidelines for reporting financial institutions that is in the process of being liquidated and a new FAQ 31 setting out the required due diligence procedures for private investment companies have been uploaded onto the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Under section 58E(2) of the Inland Revenue Ordinance, a Hong Kong ultimate parent entity may voluntarily file a country-by-country (CbC) return in respect of an accounting period beginning on or after 1 January 2016 but before 1 January 2018 by the filing deadline, which is the date on which a period of 12 months after the end of the accounting period expires. Effective from 1 April 2019, the Department will not accept voluntary filing of a CbC Return for an accounting period ended on or before 31 March 2018. Pursuant to bilateral exchange arrangements, Hong Kong should exchange CbC Reports with treaty partners within 18 months after the end of an accounting period commencing in 2016, or 15 months after the end of an accounting period commencing in 2017.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

SOIPN 1 (Revised)    SOIPN 7    SOIPN 8 (Revised)   

The Stamp Duty (Amendment) Ordinance 2018 and the Stamp Duty (Amendment) (No. 2) Ordinance 2018 were published in the gazette on 19 January 2018 and 20 April 2018 respectively.  The Stamp Office Interpretation and Practice Notes No. 8 is revised to update the interpretation of the relevant provisions in relation to different rates of ad valorem stamp duty and the practice to be followed by the Stamp Office upon the enactment of the two Amendment Ordinances.

The Stamp Office Interpretation and Practice Notes No.1 (Revised) is also amended to further explain the Department’s interpretation on the meaning of “residential property”.

Besides, minor amendments are made to paragraphs 47 and 48 of the Stamp Office Interpretation and Practice Notes No. 7.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

The Inland Revenue Department has achieved all the targets, and exceeded many, in its performance pledges in 2017-18.  The Performance Pledge Annual Report 2017-18 has been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.

By virtue of the Amendment Ordinance, unless specifically exempted or otherwise provided in the law, acquisition of more than 1 residential property under a single instrument executed on or after 12 April 2017 will be subject to ad valorem stamp duty (“AVD”) at the rate under Part 1 of Scale 1 – a flat rate of 15%, even if the purchaser/transferee is a Hong Kong permanent resident who is acting on his/her own behalf and does not own any other residential property in Hong Kong at the time of acquisition.    Please refer to Stamping Circulars Nos. 04/2018 and 05/2018 for the new stamping arrangements. The FAQs and the illustrative examples for AVD - Scale 1 and Scale 2 have also been updated.

Stamp Duty statistics (SSD / BSD / DSD) have been uploaded to the Department’s website.