In 2022, the price and volume of the property market in Hong Kong will drop, and the stamp duty income of "spicy tricks" will also drop accordingly.
According to the latest announcement from the Inland Revenue Department, a total of 2,979 transactions involving the three major taxes (SSD, Buyer’s Stamp Duty, and Double Ad Valorem Stamp Duty (DSD)) were recorded last year, a sharp drop of 42% from 5,117 in 2021; the amount involved It was 5.947 billion yuan, a year-on-year decrease of 54%, and both hit new lows since records were kept in 2014.
Less than 3,000 transactions related to spicy taxation have dropped by 42%
If we divide the three "spicy taxation" of residential properties, reflecting the cases of buyers' stamp duty (BSD) for mainland customers and companies entering the market in the name of companies, there will be a total of about 638 cases in 2022, involving a total investment of 1.711 billion yuan, a year-on-year decrease of 36% and 49%, the same as a record low since 2014.
In 2022, 221 cases of Additional Stamp Duty (SSD), which reflect short-term speculation, were recorded, involving RMB 156 million, a year-on-year decrease of 43% and 40% respectively, hitting a new low since 2011.
As for the new ad valorem stamp duties (DSD & AVD) involving residential properties, 2,113 cases will be recorded in 2022, a decrease of nearly 44% from 3,749 cases in 2021.
The amount involved reached MOP 4.078 billion, a year-on-year decrease of 56%.
BSD spicy tax increased by 1.32 times in December
As for the hot tax collection data for December alone, there were 35 BSD cases recorded in that month, a decrease of 39% month-on-month; the investment involved was 222 million yuan, a month-on-month increase of 1.32 times; there were 6 SSD cases, involving a total investment of 4.2 million yuan , fell 70% and 66% month-on-month.
In December, there were 104 DSD & AVD cases involving RMB 331 million, down 33.7% and up 62.9% month-on-month.
The real estate market turned around. In the first half of the fiscal year, the tax revenue was only about 3 billion. It fell 54% quarter-on-quarter. More than 100 million members bought Leighton Hill and ate spicy food to collect 30.6 million tax