Sat, 24 Jul 2021

HONG KONG, June 11 (Xinhua) -- Hong Kong will start to implement a higher rate of stamp duty on stock transfers from August 1 in an effort to ease the government budget pressure.

The improvement from 0.1 percent to 0.13 percent was approved by the Legislative Council on June 2 and published by the Hong Kong Special Administrative Region government on Friday.

Christopher Hui, secretary for financial services and treasury, has said the move was aimed at increasing the tax revenue of the government to maintain a stable budget.

The HKSAR government estimates a deficit of 101.6 billion Hong Kong dollars (about 13 billion U.S. dollars) for the 2021/22 fiscal year.

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