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    23 Feb 2023

    [Financial Budget 2023] The Financial Secretary reduces the stamp duty on the first purchase


    Financial Secretary Paul Chan Mo-po announced in the 2023/24 budget that the residential stamp duty that has not been adjusted since 2010 will be adjusted, and the tax band will be widened. A large number of nano-sized properties and small-priced properties will benefit, and the stamp duty will be greatly reduced by 99.8%.
    effective date
    Instruments executed or made after 11:00 am on February 22, 2023
    If the property price of 3 million is calculated, the current stamp duty rate is 1.5%, which is 45,000. However, after the adjustment, the new tax band will be greatly reduced to 100, a big reduction of 44,900 or 99.8%. . According to statistics, there are currently about 490 second-hand listings below 3 million, accounting for about 1.1% of the total listings.
    As for properties with a property price of 9 million, the original stamp duty rate is 3.75%, which is equivalent to a tax of 337,500. After adjustment, it will be reduced to 3%, that is, the tax will be about 270,000, and the old tax rate will be reduced by 67.5 thousand dollars or 20%.