No. of view: 2020
Reply: 8
Withdrawing the buyer stamp duty to absord quality migrants
2023-5-6
Since the border reopening in the first quarter, the suppressive demands of homebuyers have been satisfied by the abundant supplies. When the second quarter comes, the transaction volumes have fallen to a lower level. Some developers have adjusted down the pricing of their new projects. Obviously, the purchasing power needs time to be accumulated.
As the tide of emmigration continues to spread, the Government has been aware of the importance of bringing in the skillful workers to combat brain drain and has already been accelerating the approval process of the quality migrants admission schemes to accept the growing numbers of professionals who are in shortages.
If the Government wants these professionals to stay and work wholeheartedly in Hong Kong, it must consider to exempt them from paying additional 15% of the  transaction price as the buyer's stamp duty. Under the current ordinance, these purchasers must fully pay the this duty when they close the transaction, and they can apply to refund of the prepaid tax when they turn to be Hong Kong permanent residents seven year later.
These talents choose to work in Hong Kong, and their aim for buying properties should be respected. Let them buy a home earlier to prevent them being absorbed by the neighboring area which provide more favorable terms to immigrants.
For example, if these talents can enjoy this tax free policy and the quality migrants admission schemes can absorb the approval applicants to 30,000 per year, the overall property market will be benefited by these approving policies.
The purpose of buyer's stamp duty is to prevent overseas nationals speculating on local residential properties, so it is unreasonable to impose such tax on mainland’s buyers. At present, Hong Kong buyers will not be regarded as foreigners who are subjected to pay additional buyer tax when they purchase premises in China. Therefore, the Hong Kong Government needs to re-examine this arrangement to avoid unnecessary disputes.
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