The Stamp Duty (Amendment) (No. 2) Bill 2023 was gazetted today to implement a measure to trawl for talent as announced in the 2022 Policy Address.
It proposes a refund mechanism under the Buyer's Stamp Duty (BSD) and New Residential Stamp Duty (NRSD) regimes for non-Hong Kong permanent residents who have entered Hong Kong under designated talent admission schemes.
Eligible incoming talent who acquired a residential property in Hong Kong on or after October 19, 2022 and subsequently become a Hong Kong permanent resident, can apply for a refund of the BSD and NRSD paid for that property which was his/her only residential property (save for replacing property) at the time of purchase and he/she still holds on the date of the refund application.
The Ad Valorem Stamp Duty at Scale 2 rates will still be payable such that the overall stamp duty charged will be on par with that levied on first-time home buyers who are permanent residents.
The aforesaid bill will be introduced into the Legislative Council on April 19 for first and second readings. The Inland Revenue Department will accept refund applications after the approval and gazettal of the new legislation.
The Government said the proposed refund mechanism can attract incoming talent to stay in Hong Kong for long-term development by substantially reducing their cost of property purchase.
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