More organisations and individuals have joined the chorus of criticism against the doubling of stamp duty on the purchase of commercial properties, ahead of a meeting with lawmakers today.
It could become prohibitively expensive for businesses to buy their own premises to avoid high rental costs, the Royal Institution of Chartered Surveyors said.
"The proposed double stamp duty might send a negative signal to the international business community and therefore potentially adversely affect Hong Kong's competitiveness," the group said, after consulting its members, investors, academics and multinational corporations.
KPMG said the proposed Stamp Duty (Amendment) Bill did not allow relief for genuine long-term investors in the non-residential property market.
"This runs counter to the government's professed aim of targeting speculators, and we are strongly of the opinion that long-term investors in the non-residential property market should not be so penalised," KPMG said.
If the bill is passed, double the existing stamp duty on property sales exceeding HK$2 million will be charged on transactions starting from February 23, the day after the anti-speculation measure was announced.