Hong Kong SAR Government: Exemption of stamp duty on the transfer of shares or units of real estate investment trusts and the securities dealing business of option dealers
The Hong Kong Special Administrative Region government announced the exemption of stamp duty on the transfer of shares or units of real estate investment trusts and the securities dealing business of option dealers, aiming to enhance the competitiveness of REITs and reduce transaction costs. At the same time, the stamp duty collection arrangements will be revised to improve the efficiency of the paperless securities market. These measures will contribute to the development of the financial market
According to the Zhitong Finance APP, on November 8th, the Hong Kong Special Administrative Region government issued a public announcement, stating that the government published the "2024 Stamp Duty Bill (Miscellaneous Amendments) Draft" (the "Draft Bill") in the Gazette today, which aims to exempt stamp duty on the transfer of shares or units of Real Estate Investment Trusts (REITs) and on the securities dealing business of options dealers, as well as to amend the stamp duty collection arrangements under the paperless securities market system implemented in Hong Kong. It is reported that the Draft Bill will be submitted to the Legislative Council for the first reading on November 20th.
A spokesperson for the Hong Kong government stated that the government's "Budget for the Fiscal Year 2024-2025" announced the exemption of stamp duty on the transfer of REIT shares or units and on the securities dealing business of options dealers, in order to enhance the competitiveness of Hong Kong's REITs and reduce the trading costs for options dealers. The revised stamp duty collection arrangements will promote the efficiency of affixing stamps and collecting stamp duty in a paperless securities market environment. These measures will contribute to the development of the financial market