Hong Kong officials are considering changing the current restrictions on the stamp duty refund. The changes to the laws in force would allow for an increase of the period of time during which taxpayers in the city could apply for this type of refund. One of our Hong Kong company formation experts can give you more details on these possible changes.
A proposition to extend the stamp duty refund application period
Hong Kong officials are planning to re-engage in the discussions concerning the refund of the stamp duty. A proposition was forwarded which claims that the application deadline for obtaining the stamp duty refund should be extended from six to twelve months.
The Stamp Duty Amendment Bill
was presented for parliamentary reflection in October but it was quickly postponed. Hong Kong officials have stated that some of the lawmakers explained their decision to extend the period with the argument that sis months was simply not enough time for those who purchase property in Hong Kong
to make the necessary submissions for claiming their stamp duty refund.
Our company registration agents in Hong Kong can give you further information if this stamp duty refund could apply to Hong Kong investors who purchase property that will be used for business.
The stamp duty in Hong Kong
Hong Kong currently allows individuals who are permanent residents
to claim a refund of the stamp duty, in proportion to the estimated value of the goods taxed. This claim can be made only of the home that is put up for sale is the only residential property owned by that resident and only if the sale takes place after the individual has purchased a new home in Hong Kong.
Lawmakers have argued that six months is too short to sell the current home and submit the application for the stamp duty refund with the Inland Revenue Department.