Friday, July 25, 2014   

Govt proposes to change property tax exemptions
(05-13 16:51)

The government proposed to amend the bills on double stamp duty.
Secretary for Financial Services and the Treasury Ceajar Chan Ka-keung told the Legislative Council that the government plans to extend the waiver period for people changing flats, which will start after signing of the formal agreement to buy the second flat.
In the original bill, the six-month period begins when the buyer signs the preliminary sales agreement.
Meanwhile, buyers without holding any residential unit purchased a home together with a car park using the same document will be exempted from the double stamp duty.
But lawmakers are still upset with the proposed change, saying it will still hit on retailers and other homeowners who are looking to change their flats for their own users.   
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