Taxman predicts stamp duty to fall 50pc

Revenue from stamp duty is expected to fall $14 billion due to sluggish property and stock markets, the Commissioner of Inland Revenue said yesterday.

Wong Ho-sang estimated that revenue from property and stock transactions this year would drop 50 per cent from last year's $28 billion.

Mr Wong said that the falling daily turnover of the Stock Exchange would force the department to revise estimates for 1998-1999.

'If the daily turnover continues to be some $2 billion or $3 billion, then obviously we have to estimate again how much we can receive this year,' he said.

He also said the number of applications for deferred income tax payment had risen 17 per cent to 14,000.

Some 19,000 notices for overdue tax payment have been issued, almost a 15 per cent increase on last year's figure.