PRESS RELEASE

(Source : Information Services Department)

LCQ12: Revenues from Special Stamp Duty, Buyer's Stamp Duty and Doubled Ad Valorem Stamp Duty

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     Following is a question by the Hon Abraham Shek and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (March 16):

Question:

     In the past few years, the Government adopted several demand-side management measures for the property market, namely introduction of the Special Stamp Duty (SSD) in November 2010, enhancement of SSD in October 2012, introduction of Buyer's Stamp Duty (BSD) in October 2012, as well as introduction of the Doubled Ad Valorem Stamp Duty (DSD) in February 2013. In this connection, will the Government inform this Council of the respective numbers of property transactions which were subject to the aforesaid measures and the respective amounts of revenue it collected due to such measures in each month from their implementation to February 2016 (set out in the table of Annex 1)?

Reply:

President,

     Over the past few years, the Government has introduced several rounds of demand-side management measures, including Special Stamp Duty (SSD) (November 2010 and October 2012), Buyer's Stamp Duty (BSD) (October 2012) and Doubled Ad Valorem Stamp Duty (DSD) (February 2013). These measures aim to combat speculative activities, ensure healthy and stable development of the property market, and accord priority to the home ownership needs of Hong Kong permanent residents in the midst of the present tight housing supply.

     Breakdown of SSD, BSD and DSD cases by month are set out in Annex 2.

Ends/Wednesday, March 16, 2016
Issued at HKT 16:21

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