The Hong Kong Inland Revenue Department has announced the passage of the Stamp Duty (Amendment) Bill 2023 by the Legislative Council on 17 May 2023, which provides for the ad valorem stamp duty (AVD) adjustments announced as part of the 2023-24 Budget. This includes an adjustment of the value bands to which the AVD at Scale 2 rates apply for residential and non-residential property transactions executed from 11 am on 22 February 2023:
- up to HKD 3,000,000 - HKD 100
- HKD 3,000,001 to HKD 3,528…