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[Special Finance and Accounting] Zoomlion's purchase of 22 properties last year was exempted from stamp duty exceeding 80 million, a record high

2020-04-03T08:24:28.169Z


Some media reported last year that the China United Nations Office bought 20 units of Kaihui, a new property in Kwun Tong, with a total investment of 250 million yuan. The Secretary for the Financial Affairs and the Treasury, Liu Yixiang, mentioned in reply to the inquiry of Hong Kong's local legislator Mao Mengjing that the subsidiary of the Central People's Government in Hong Kong purchased 20 and 2 properties in Kwun Tong District and China and West respectively from 2019 to 2020. Was exempted from stamp duty of $ 84 million.


Politics

Written by: Wu Anan

2020-04-03 16:15

Last updated: 2020-04-03 16:15

Some media reported last year that the China United Nations Office bought 20 units of Kaihui, a new property in Kwun Tong, with a total investment of 250 million yuan. The Secretary for the Financial Affairs and the Treasury, Liu Yixiang, mentioned in reply to the inquiry of Hong Kong's local legislator Mao Mengjing that the subsidiary of the Central People's Government in Hong Kong purchased 20 and 2 properties in Kwun Tong District and China and West respectively from 2019 to 2020. Was exempted from stamp duty of $ 84 million.

Kwun Tong Kaihui opened for sale last year.

According to Article 41 (1) of the Stamp Duty Ordinance, the Central People's Government, the Government of the Hong Kong Special Administrative Region, public corporations, or anyone acting as a public official are not liable to pay stamp duty that can be levied on any instrument.

Replying to Mao Mengjing's inquiries, Liu Yixiang said that the Central People ’s Government was exempted from the relevant stamp duty when purchasing properties in Hong Kong, and also said that before the reunification of Hong Kong, the British government was also exempted from purchasing properties in Hong Kong. Liu Yixiang further stated that according to section 52 (1) of the Stamp Duty Ordinance, the Chief Executive may reduce or exempt all or part of the stamp duty payable or refund all or part of the stamp duty paid on any instrument to which stamp duty may be levied.

Among them, the subsidiary of the Central People's Government in Hong Kong purchased 20 and 2 properties in Kwun Tong District and Central and Western District from 2019 to 2020, respectively, and was exempted from stamp duty of 84 million yuan, a record high. In 2018-19, the subsidiaries of the Central People's Government in Hong Kong purchased 23 and 2 properties in Central and Western District and Shatian District, respectively, and were exempted from stamp duty of 49.7 million yuan.

Liu Yixiang also pointed out that the purchase of property in Hong Kong by the Central People ’s Government ’s agency in Hong Kong can be exempted from the payment of relevant stamp duty in accordance with Article 41 of the Stamp Duty Ordinance. There are no conditions attached to the exemption; Article 41 is not directly applicable when purchasing a property. The SAR Government will refer to the principles of Article 41 and use Article 52 (1) to waive the stamp duty of its relevant transaction instruments. At the same time, to maintain the consistency of the exemption arrangement, regardless of whether the property is Purchased in Hong Kong by the Central People ’s Government ’s agency in Hong Kong or through its subsidiaries, the SAR Government exempts stamp duty on related transaction instruments in accordance with Article 52 (1).

In addition, in the past five financial years, the Inland Revenue Department has not received an application from the Central People's Government's Hong Kong agency or its subsidiary for exemption from stamp duty on the sale of properties in Hong Kong.

China United Office (Profile picture)

The information table of the Central People ’s Government in Hong Kong or its subsidiaries that are exempt from stamp duty when purchasing properties in Hong Kong is as follows:

fiscal year

mechanism

Amount of stamp duty involved

(million dollar)

Number of properties involved

area

2015-16

People's Republic of China Ministry of Commerce

3.6

8

3

(South area)

5

(Eastern District)

Central People's Government in Hong Kong

Subsidiary company

15.6

15

5

(Central and Western District)

10

(Shatin District)

2016-17

Central People's Government in Hong Kong

Subsidiary company

8.4

8

6

(Central and Western District)

2

(Kowloon City)

2017-18

-

0

0

0

2018-19

Central People's Government in Hong Kong

Subsidiary company

47.9

25

twenty three

(Central and Western District)

2

(Shatin District)

2019-20

(As of February 29, 2020)

Central People's Government in Hong Kong

Subsidiary company

80.4

twenty two

2

(Central and Western District)

20

(Kwun Tong District)

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Source: hk1

All news articles on 2020-04-03

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