The Stamp Duty (Amendment) (No. 2) Ordinance 2014 (“the Amendment Ordinance”) was published in the gazette on 25 July 2014. The law has retrospective effect from 23 February 2013 (“Effective Date”). The Amendment Ordinance increases the Ad Valorem Stamp Duty (“AVD”) rates on certain transactions for both residential and non-residential properties. Unless specifically exempted or otherwise provided, all instruments executed on or after the Effective Date and chargeable with AVD will be subject to higher (Scale 1) rates. The Stamp Office Interpretation and Practice Notes No. 8 (Ad Valorem Stamp Duty) is issued to set out how the Department will apply the provisions in relation to AVD and explains the Department’s practices in connection therewith.
(October 30, 2014)
SOIPN 1 (Revised)
The Stamp Duty (Amendment) Ordinance 2010 came into effect on 1 April 2010 to cancel the arrangement for the deferral of payment of stamp duty chargeable on agreements for sale of residential property with consideration over $20 million. The stamp duty deferral arrangement for other agreements for sale of residential property with consideration at $20 million or below was cancelled by the Stamp Duty (Amendment) Ordinance 2011 on 30 June 2011. The Stamp Duty (Amendment) (No. 2) Ordinance 2014 (“the 2014 Amendment Ordinance”) was published in the Gazette on 25 July 2014, which has a retrospective effect from 23 February 2013. The 2014 Amendment Ordinance advances the timing for charging ad valorem stamp duty on non-residential property transactions from the conveyance on sale to the agreement for sale. The SOIPN 1 (revised) was updated to reflect these changes.
Notify Inland Revenue Department promptly of change of address
(October 09, 2014)
Inland Revenue Department Notice – Business Registration
(September 15, 2014)
The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was enacted in July 2013 to bring particular types of arrangements that are economically equivalent to debt arrangements under tax rules comparable to those applying to debt arrangements and to give stamp duty relief in relation to those types of arrangements. The Stamp Office Interpretation and Practice Notes No. 6 (“Alternative Bond Schemes”) is issued to set out the interpretation of the relevant stamp duty provisions and the practice to be followed by the Stamp Office