Monday, October 5, 2015   

Double stamp duty slammed
(07-11 13:47)

Pro-business legislators have sharply criticized the government for refusing to exempt companies from paying the double stamp duty when they buy commercial properties.
During the second reading of the bill, Liberal Party Councillor James Tien Pei-chun said the double stamp violates the principle of a free market and he would support all amendments that could water down the measure.
Legislator Abraham Shek Lai-him, who represents the real estate and construction sector, said that since the government introduced what he called the "emergency measures" in late 2012, home prices had gone up by 35 percent, and transactions on residential properties had dropped significantly.
He said the double stamp duty will hurt Hong Kong's economy.
The Financial Secretary John Tsang Chun-wah said the measure, introduced in February last year, had been effective in controlling property prices.
He reiterated that the higher stamp duty would not hurt the territory's competitiveness. --RTHK   
Other Hong Kong breaking news:
Signal No 1 raised, tropical storm predicted to intensify (10-02 22:17)
(Fashion) Ted Baker (10-02 21:23)
(Fashion) Ted Baker (10-02 21:17)
(Fashion) Ted Baker (10-02 21:11)
(Fashion - Ted Baker) Spectacle of prints and patterns (10-02 21:10)
(Fashion) Vivienne Tam (10-02 20:46)
(Fashion) Vivienne Tam (10-02 20:46)
(Fashion) Vivienne Tam (10-02 20:41)
(Fashion - Vivienne Tam) Masculine shapes and feminine embellishments (10-02 20:41)
US oyster imports banned over bacteria scare (10-02 20:31)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.