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  • October 23, 2014
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  1. Business - Comment - MONITOR

    Hong Kong's stamp duties are woefully inefficient ways to tax

    Posted Oct 22nd 2013, 03:27am by Tom Holland

    ... Tom Holland The argument that revenue raised from taxing share transactions is a pay cheque for Hongkongers for keeping the rule of law is short-sighted HK's stamp duty is a woefully inefficient way to raise money On Sunday, my esteemed colleague Jake van der Kamp duffed me up in print. I'd provoked his ire by arguing that the Hong Kong government should scrap its stamp duty ...

    http://www.scmp.com/business/article/1336792/hong-kongs-stamp-duties-are-woefully-inefficient-ways-tax
  2. Business - Comment - MONITOR

    Arguments for keeping Hong Kong's stamp duty fail close scrutiny

    Posted Nov 01st 2013, 03:09am by Tom Holland

    ... stamp duty fail close scrutiny A newspaper column calling for a cut in tax would normally get an enthusiastic reception. So although I wasn't surprised by the volume of readers' e-mail messages that flowed in after Monitor suggested a couple of weeks ago that Hong Kong should scrap its stamp duty on share trading, I was gobsmacked by the vehemence of their criticism. There can ...

    http://www.scmp.com/business/article/1344773/arguments-keeping-hong-kongs-stamp-duty-fail-close-scrutiny
  3. Business - Banking & Finance - MONITOR

    Hong Kong should scrap its stamp duty on share trading

    Posted Oct 18th 2013, 04:31am by Tom Holland

    ... stamp duty on share trading To support its unsuccessful attempt to list in Hong Kong, Chinese internet retail giant Alibaba argued that the city's share of Asian stock market trading ... lacklustre trading volumes. The main reason is the Hong Kong government's stamp duty on stock transactions. Every time a share changes hands on the Hong Kong stock exchange, the buyer and seller ...

    http://www.scmp.com/business/banking-finance/article/1333961/hong-kong-should-scrap-its-stamp-duty-share-trading
  4. Business - Comment - MONITOR

    Early signs suggest new stamp duties haven't reined in prices

    Posted Jan 10th 2013, 12:00am by Tom Holland

    ... Tom Holland While sales have slumped in the wake of the levy, strong interest from wealthy locals in buying second flats has helped support home prices Early signs suggest new stamp duties haven't reined in prices At the end of October, the Hong Kong government slapped a punitive 15 per cent stamp duty on all non-resident and corporate buyers of residential properties in an attempt ...

    http://www.scmp.com/business/article/1124121/early-signs-suggest-new-stamp-duties-havent-reined-prices
  5. Business - Comment - MONITOR

    Let's stamp out this talk about Hong Kong's narrow tax base

    Posted Mar 14th 2013, 12:00am by Tom Holland

    ... The government has long operated a high property price policy, drip-feeding building land on to the market to ensure it earns handsome revenues from land premium income and stamp duties on property ... Tom Holland Widening the tax base without an overhaul of the property market will merely impose additional burdens on the city's hard-pressed households Let's stamp out this talk ...

    http://www.scmp.com/business/article/1190066/lets-stamp-out-talk-about-hong-kongs-narrow-tax-base
  6. Business - Comment - MONITOR

    We like discrimination in principle. But will it work?

    Posted Nov 05th 2012, 12:00am by Tom Holland

    ... Monitor argued that the new stamp duty is a lousy idea on two counts: firstly because it is discriminatory, which is generally a bad thing, and secondly, because it won't do anything to make ... Some think it will fail because mainland buyers will have little difficulty circumventing the new stamp duty on non-residents. My esteemed colleague Mr. Shangkong has already outlined some ...

    http://www.scmp.com/business/article/1075127/we-discrimination-principle-will-it-work
  7. Business - Comment - MONITOR

    Excluding mainlanders won't allay main property grievance

    Posted Oct 29th 2012, 12:00am by Tom Holland

    ... Firstly, the government jacked up its two-year-old special stamp duties by 5 percentage points. From now on, anyone selling a flat within six months to a year of purchase will have to pay an extra 15 per cent stamp duty on top of the standard rate; 20 per cent if he or she sells within six months. Secondly, all individual buyers of residential properties who are not Hong Kong permanent ...

    http://www.scmp.com/business/article/1072030/excluding-mainlanders-wont-allay-main-property-grievance
  8. Business - Comment - MONITOR

    Taxing foreign buyers failed in Singapore. It will fail in Hong Kong too

    Posted Oct 30th 2012, 12:00am by Tom Holland

    ... will be wholly negative. First, let's dispense with the notion, espoused by several readers as well as the government, that increasing the special stamp duty on property owners who sell within three years of buying will deter speculators and so bring down prices. As Cusson Leung and Joyce Kwok at Credit Suisse pointed out in a research note published yesterday, raising special stamp duty ...

    http://www.scmp.com/business/article/1072684/taxing-foreign-buyers-failed-singapore-it-will-fail-here-too
  9. Comment - Insight & Opinion - MONITOR

    The unintended consequences of Hong Kong's property policies

    Posted Nov 29th 2013, 04:27am by Tom Holland

    ... Tom Holland From 85,000 new flats a year proposed by Tung to the recent increase of stamp duty, our officials have achieved the opposite of what they wanted The unintended consequences ... out speculation and cool prices by jacking up its punitive tax on property owners who sell within three years of buying, Monitor warned dolorously that "raising special stamp duty rates ...

    http://www.scmp.com/comment/insight-opinion/article/1368146/unintended-consequences-hong-kongs-property-policies
  10. Business - Comment - MONITOR

    Tsang's budget will do nothing to solve Hong Kong's twin problems

    Posted Feb 26th 2013, 12:00am by Tom Holland

    ... is Hong Kong's fast-rising home prices; a problem so acute he could not even wait for tomorrow's budget to reveal a doubling of stamp duties on property transactions, jumping the gun with an announcement last Friday. Whether higher stamp duties will do anything to make homes more affordable is doubtful. If anything the punitive tax rate is likely to deter sellers, reducing supply even ...

    http://www.scmp.com/business/article/1158571/tsangs-budget-will-do-nothing-solve-hong-kongs-twin-problems

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