Distribution in specie to shareholders. The ordinance raising the stamp duty payable on contract notes for the sale or purchase of Hong Kong stock to 0.13% will take effect on 1 August. PDF Stamp Duty Ordinance - Hong Kong e-Legislation Chapter 15 Options, Warrants and Similar Rights. Today however, it does not involve any physical stamps. HK hikes stock stamp duty to plug record budget deficit ... both the bought note and the sold note) at the rate of HK$1.00 per HK$1,000 or part thereof, of, whichever is the higher of the consideration paid or the value of the shares transferred (so that the total rate of duty on a sale of shares is effectively 0.2%) . In particular, the Government is of the view that where (i) stamp duty group relief has been granted under section 45 of the SDO in respect of a previous transfer of Hong Kong stocks or immovable properties to a transferee company (Hong Kong Economic Daily) Hong Kong raised stamp duty on stock transactions to 0.13%. Refund of stamp duty in respect of sale and purchase of units under unit trust schemes 3-34 20. Hong Kong unveiled its first stamp-duty increase on stock trades since 1993, sparking a broad selloff in the $7.6 trillion market and sending shares of the city's exchange to their biggest . VI. Hong Kong stamp duty is chargeable on instruments effecting the sale or transfer of Hong Kong stock. A branch of a company that is incorporated outside Hong Kong is not a separate legal entity from the parent. Hong Kong: Reduction of stamp tax (duty) November 30, 2020. Passing on of dividends or interest on Hong Kong stock prohibited 3-36 22. "Hong Kong stock" is defined in the SDO to mean stock, the transfer of which is required to be registered in Hong Kong, including any right, option, or interest in respect of . Stamp duty applies to the transfer of Hong Kong stock at a rate of 0.2% (0.1% for the vendor and 0.1% for the purchaser) on the higher of the consideration paid or the market Listed ETFs tracking indices comprising more than 40% in Hong Kong stocks however remain subject to stamp duty. February 23, 2021 9:31 PM PST. Hong Kong does not impose profits tax on the sale of capital assets. By Editors, Regulation Asia. The former CEO of Telecom Italia withdrew . Stamp duty revenue from ETFs listed on the Exchange was HK$100 million in 2013/14, approximately 0.45% of all the stamp duty collected on stock transactions. In addition, residential property transactions in Hong Kong may also attract Buyer's Stamp Duty and Special Stamp Duty. Stamp duty payable where transaction in respect of Hong Kong stock does not amount to jobbing business 3-36 21. Stamp duty is a tax on documents and will be imposed during a share transfer. Home Newsflash Bank of America: Southbound flows, stamp duty cut may boost liquidity in Hong Kong stock market ; Southward capital flows, more mainland listings and lower transaction costs from a cut in stamp duty could help improve Hong Kong's relatively low liquidity, BofA securities said. For clients with less than one share, the corporate action fee is calculated based on the fraction held. Foreign sellers of shares are also unlikely to be subject to profits tax. 14.94. Exemption from stamp duty may apply for a conveyance of an interest in immovable property or a transfer of Hong Kong stock between companies with at least a 90% common shareholding if certain conditions are satisfied. Hong Kong bearer instruments . Stamp duty : Hong Kong and overseas investors are required to pay stamp duty arising from the sale and purchase of SSE Securities and the transfer of SSE Securities by way of succession and gift in accordance with existing Mainland taxation regulations. The Bill seeks to amend the Stamp Duty Ordinance (Cap. The Stamp Duty Ordinance (SDO) provides that the buyer and the seller each has to pay a 0.1 percent stamp duty in respect of instruments for transfer of Hong Kong stock. Goldman Sachs' Timothy Moe said the hike in stamp duty alone is. Free of charge for deposit . Stamp Duty Concession in Respect of ETFs. However, from 1 April 1999 onwards, duty-payers may apply to defer payment of stamp duty until completion of the purchase, Duty is charged on the sales consideration or the fair . In the case of a gift, contract notes are not required and instrument of transfer is chargeable to a fixed duty of . Stamp Duty on share capital in Hong Kong is as follows: No Stamp Duty is payable on the allotment of shares. Starting from August 1, 2021 (Sunday), the rate of Stamp Duty payable on contract notes for the sale or purchase of Hong Kong stocks will be increased from 0.1% to 0.13%, as a percentage of transaction value. Previously, buyers and sellers were paid 0.1% of the transaction amount. In other words, when someone buys, sells, or transfers real estate (e.g. Revised Stamp Duty Rates on Sale or Transfer of Property in Hong Kong Revised Stamp Duty Rates With reference to the Financial Secretary's 2010-11 Budget delivered on 24 February 2010, the stamp duty rates on transactions of properties valued over HK$20 million will be increased with effect from 1 April 2010. Stamp Duty is payable on the transfer of shares as below. The current rate of ad valorem stamp duty on the transfer of Hong Kong stock is an aggregate of 0.2 percent (0.1 percent payable on each of the bought note and the sold note) of the higher of the consideration for the transfer or the value of the stock, which is typically computed by reference to the net asset value of the company as set out in . 117 of the Laws of Hong Kong) imposes duty/tax on certain types of documents. Ad valorem stamp duty is levied on each contract note (i.e. 117) to increase the rate of stamp duty payable on contract notes for sale or purchase of Hong Kong stock and correspondingly on certain transfers of such stock with effect from August 1, 2021. Hong Kong's government outlined plans in the budget to spend HK$150 billion to bolster the economy after two years of recession. we have decided to introduce a bill to raise the rate of Stamp Duty on Stock Transfers from the current 0.1 percent to 0.13 percent," financial secretary Paul . Last modified 7 Jul 2021 Although stamp duty bears the word "stamp", it is totally irrelevant to postage stamps. The Financial Secretary proposed in the 2010/2011 budget to extend the stamp duty concession in respect of the trading of exchange traded funds (ETFs) to cover ETFs with the value of Hong Kong stock not exceeding 40% of the aggregate value of the underlying portfolio. The rate at which stamp duty is charged is dependent on the amount or value of the consideration. VI. On February 24, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, announced in his budget that the Hong Kong government plans to increase stock stamp duty to 0.13% in order to increase revenue. The government said on Wednesday it will increase stamp duty on stock transfers by 30 percent - from 0.1 to 0.13 percent of the transaction value - but ruled out raising other taxes for the time being as the government remains focused on reviving the ailing economy. Transfer Deed － Free for deposit stocks: Physical Stock Withdrawal (Per Stock) HK$ 5.00 per Board Lot: HK$ 50.00 CCASS Settlement Instruction (Per Stock) Stock Value 0.01%, Handing Charges $100 － Charge are applicable to withdrawal instruction only. The shares lost as much as 9 . Hong Kong's plan to increase the stamp duty on stock trading will not harm the competitiveness of the city's financial markets, Financial Secretary Paul Chan told CNBC on Friday. 0.1% each). Stamp Duty. The shares lost as much as 9.3% on Wednesday, the biggest decline since a bubble in China's stock market was bursting in 2015. Butterworths Hong Kong Stamp Duty Handbook - Second Edition is a detailed work of reference, containing the text of the Stamp Duty Ordinance (Cap 117) as currently in force alongside section-by-section annotations.. Hong Kong requires at least one director who is a natural person and one company secretary. Financial Secretary Paul Chan announced the move in his latest budget speech. Stamp duty is a tax that is levied on documents relating to the sale, transfer and lease of properties, such as immovable properties, stocks and shares. Hong Kong Stamp Duty on share capital is also known as capital duty on share capital in many other countries. What is stamp duty? Remission of Stamp Duty on Delivery of Hong Kong Stocks as Consideration for allotment or redemption of Collective Investment Products U3/SOG/PN05A Partial Remission of Ad Valorem Stamp Duty on Contract Notes for the Sale or Purchase of Designated Exchange Traded Funds by Market Makers Hong Kong equities: There are two types of stamp duty on Hong Kong equities applicable in the Hong Kong market: Ad Valorem Stamp Duty: Ad valorem stamp duty, also referred to as "contract stamp duty", is payable on equity trades whenever there is a change in beneficial ownership, irrespective of where the transfer was settled. The business-friendly financial hub, which prides itself on low taxes and no capital gains tax, has been battered for two years by social . Chapter 18 Mineral Companies. 117 of the Laws of Hong Kong) imposes duty/tax on certain types of documents. In its 2021-22 budget, the Hong Kong government announced that stamp duty on stock transfers will increase to 0.13% from 0.1%. The Hong Kong government will raise HK$51 billion from the current rate of stamp duty on stock trading in the 12 months to the end of March 2021, and HK$59 billion in the financial year 2021-22 . Malaysia Raises Stamp Duty on Stock Transactions. Hong Kong's duty applies to all stocks listed on the HKEX and all transfers of shares in Hong Kong-based companies. Hong Kong raises equity trading stamp duty first time in three decades as stock exchange posts third straight year of record profit The stamp duty on stock trades by both buyers and sellers will. • Asset Purchase This text is a result of machine translation. This Taking into account the fact that tax treatment is a major consideration, among others, dominating the selection On Transfer of Hong Kong Stock With effect from 1 August 2021, stamp duty on sale or purchase of any Hong Kong stock is charged at rate which vary with the amount or value of the consideration as follows: (Where the stamp duty calculated includes a fraction of $1, round-up the duty to the nearest $1.) The stamp duty is currently set at 0.2%—0.1% each from the buyer and the seller. In basic terms, stamp duty is a duty (also known as a tax) imposed by the Hong Kong Government on the legal recognition of certain documents and paid to the government. probably the first Hong Kong court case to confirm that vesting of Hong Kong stock on a merger effected by t he operation of transmission by law is no t subject to stamp duty. For rental of immovable property in Hong Kong, stamp duty is payable at up to 1 percent of the average yearly rent. Because ad valorem stamp duty is payable by each of the buyer and the seller of the stock, the total rate of ad valorem stamp duty payable on a transaction is 0.2%. in Hong Kong, is 0.2% which is payable by the vendor and purchaser in equal proportions (i.e. Currently 26 Hong Kong-listed ETFs are subject to stamp duty. Zhongrong Trust: Xie Zhikun's death has no material impact on the company's operation and project operation. The Stamp Duty Ordinance (Cap. Please click here for a full list showing securities not subject to Hong Kong Stamp Duty. The stamp duty on share contract notes has been raised from 0.1 percent to 0.15 percent, subject to a MYR 1,000 cap. For example a Contract For Difference or and Equity Swap on a single stock could be used to not change hands of the underlying stock but still create the . While there are comments that increasing the rate of this tax will help alleviate the serious fiscal deficit, there are views that such a move will . The transfer of shares in a Hong Kong company (whether private or publicly quoted) must be stamped. The term "stamp duty" is in use today because the original form of stamp duty required payment for a physical stamp which was to be affixed to the document in order for the document to take legal effect. There is no requirement for shareholders to be Hong Kong residents. Chapter 16 Convertible Equity Securities. Stamp Duty - Hong Kong Tenancy Hong Kong equities: There are two types of stamp duty on Hong Kong equities applicable in the Hong Kong market: Ad Valorem Stamp Duty: Ad valorem stamp duty, also referred to as "contract stamp duty", is payable on equity trades whenever there is a change in beneficial ownership, irrespective of where the transfer was settled. The second edition contains completely brand-new annotations, authored by a group of expert practitioners from Temple Chambers, which encompasses significant judicial decisions and . Chan said in his. The Hong Kong Economic Times said in a since-deleted report that the duty would . If such sale or purchase in Hong Kong is completed within 2 days after the transaction, it must pay stamp duty; if such sale or purchase is completed elsewhere, it must pay stamp duty within 30 days after the transaction. The Stamp Duty Ordinance outlines that stamp duty will be imposed on the sale or purchase of any Hong Kong stock. Stock also includes units in unit trusts that maintain their registers in Hong Kong. Malaysia's MOF (Ministry of Finance) has announced the government will impose the stamp duty on stock transactions at 0.15 percent of share contract notes, subject to a MYR 1,000 cap. It provides exemption of the Hong Kong Stamp Duty on certain instruments in relation to property or stock transfers between certain associated corporations (also known as intra-group companies ). Chapter 17 Share Option Schemes. Published on 4th January 2022. Hong Kong stock is defined as stock the transfer of which must be registered in Hong Kong SAR. Individuals that pay the tax receive a stamp on their documents. Chapter 14A Connected Transactions. Hong Kong's government increased its stamp duty on equity transactions on the city's stock exchange for the first time in almost three decades to fund a widening budget deficit, just as the world . At present, both the buyers and the sellers of securities listed in Hong Kong are required to pay stamp duty on stock transactions of an amount equivalent to 0.1% of the values of the transactions. Stamp duty is charged on transfer of Hong Kong stock by way of sale and purchase at 0.2% (before 1 August 2021) or 0.26% (on or after 1 August 2021) of the consideration (or the market value if it is higher) per transaction. Transfer Stamp Duty (For Physical Stock) HK$ 5.00 for each. 8: Hong Kong stamp duty | Part D Stamp duty 477 With the anti-speculation provisions, stamp duty payable on residential property transfers is no longer deferred until a conveyance on sale is finally executed. Stamp Duty on Stock Transaction Unless stated otherwise, all securities listed on the Exchange are subject to a stamp duty at a rate of 0.13% (rounded up to the nearest dollar) on the value of the transaction, on both the buyer and the seller. Therefore, if an offshore company maintains its share register in Hong Kong, any transfer of shares will be subject to stamp duty. Read more: Hong Kong registrar of companies; HK profit tax rate Stamp Duty on Transfer of Shares of a Hong Kong Company. The transfer of Hong Kong stock attracts stamp duty at 0.2% on the higher of the consideration or market value of the shares (that is, 0.1% on the shares sold and a further 0.1% on the shares bought) together with a fixed amount of HK$5 on the instrument of transfer. The stamp duty will rise to 0.13% of the value of the transaction from the current 0.1% on Aug. 1, Hong Kong Financial Secretary Paul Chan announced in his annual budget speech. Just read an article previously that derivatives trading is larger on the HK exchange since high frequency traders can buy/sell without stamp duty effects if they buy the derivative instead. purchase of Hong Kong stock 3-2 19A. Hong Kong: Reduction of stamp tax (duty) on commercial property sales. The Hong Kong government on 25 November 2020 announced repeal of the "double rate" of stamp tax (duty) on sales of commercial property. The stamp duty on share contract notes has been raised from 0.1 percent to 0.15 percent, subject to a MYR 1,000 cap. A non-Hong Kong resident can be appointed as a director. In Hong Kong, for Single-Tier Tax System: corporations are taxed at 16.5% on assessable profits and unincorporated businesses are taxed at 15%. Transfer of Hong Kong stock For Hong Kong stock, stamp duty is calculated as follows:- Nature of Document Rate (with effect from 1 August 2021) Contract Note for sale or purchase of Hong Kong stock 0.13% of the amount of the consideration or of its value on every sold note and every bought note . . Hong Kong hiked stamp duty on stock trades Wednesday for the first time in almost three decades as it tries to plug a pandemic-induced record budget deficit, sending the local equity market tumbling. The Hong Kong government's plan to raise the stamp duty on stock transactions would add 30 per cent to the cost of every trade, diminish the allure of what's already one of the world's most expensive major markets, investors and brokers said. are required or created, it is unlikely that stamp duty would be chargeable. Stamp duty Each "Share Transfer Form" requires for a stamp duty fee of HK $ 5, while for the "Sale Agreement", you need to pay a consideration or the sale of shares at a rate of 0.2% on its net asset value, whichever is higher. Chapter 15A Structured Products. $5 + 0.225%* of the value of the stock sold Transfer of any other kind $5 4) From 1 September 2001 to 31 July 2021: Stamp duty on sale or purchase of any Hong Kong stock is charged at rate which vary with the amount or value of the consideration as follows:- Nature of Document Rate Contract Note for sale or purchase of any Hong Kong stock Stamp Duty Ordinance section 45: Transfer between associated bodies corporate is a taxation law of Hong Kong. Like any other tax, it is an important means by which a government may generate . The exact documents that attract stamp duty varies from jurisdiction to jurisdiction. Ad valorem stamp duty ("AVD") is chargeable on the contract notes for the sale and purchase of Hong Kong stock at the rate of 0.1% of the consideration (or the market value if it is higher) for each of the buyer and the seller. The financial secretary is also looking to narrow the deficit . Hong Kong stock is defined to include shares in Hong Kong-incorporated companies as well as shares in overseas-incorporated Hong Kong-listed companies whose transfer of shares has to be registered in Hong Kong. In a Jan. 3 report, analysts including Michael Li noted that investors remain skeptical that liquidity . Stamp Duty. Hong Kong hiked stamp duty on stock trades on Wednesday for the first time in almost three decades as it tries to plug a pandemic-induced record budget deficit, sending the local equity market tumbling. Unlike duties in some other markets, Hong Kong's stamp duty doesn't differentiate between liquidity makers and takers. 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