Waive property stamp duty, Hong Kong tax professionals urge
Predicting fiscal surplus as high as HK$80 billion this fiscal year, industry professionals also seek deductions for hiring youngsters to spur economy
With sufficient fiscal reserves in the public purse, the Hong Kong government should waive the property stamp duty for first-time home buyers and offer tax deductions for companies hiring young people, a group of local tax professionals has suggested.
In predicting the fiscal surplus would be between HK$70 billion and HK$80 billion in the current financial year, the Taxation Institute – representing more than 2,700 tax professionals – also suggested the city’s tax base be broadened.
It called for criteria to be adopted for a stamp duty waiver: only buyers or their spouses who did not own any residential properties in Hong Kong would be eligible; a home’s market value could not exceed HK$6 million; and buyers must be permanent residents aged 18 or older.
The buyers would also be required to reside continuously at the property for three years.
The institute further suggested the government grant tax deductions to companies hiring young people aged between 18 and 25.