Hong Kong SAR

New legislation enacted

The following legislation was enacted in the past 12 months:

• The Stamp Duty (Amendment) Ordinance 2025 was gazetted on 16 May 2025 to adjust the ad valorem stamp duty chargeable on a conveyance on sale or an agreement for sale of an immovable property, which took retrospective effect from 11 am on 26 February 2025.

• The Inland Revenue (Amendment) (Tax Concessions) Ordinance 2025 was gazetted on 9 May 2025 to give effect to the 100% reduction of salaries tax and tax under personal assessment for the year of assessment 2024/25, subject to a cap of 1,500 Hong Kong dollars (HKD).

• The Inland Revenue (Amendment) (Tax Deductions for Assisted Reproductive Service Expenses) Ordinance 2025 was gazetted on 28 February 2025 to introduce a tax deduction for assisted reproductive service expenses. The maximum deductible amount is HKD 100,000. The deduction is effective from the year of assessment 2024/25.

• The Stamp Duty Legislation (Miscellaneous Amendments) Ordinance 2024 was gazetted on 20 December 2024 to (i) waive the stamp duty payable in respect of the transfer of real estate investment trust (REIT) shares or units and jobbing business of options market makers and (ii) adjust the stamp duty collection arrangement involving approved securities registrars under the uncertificated securities market regime. The Amendment Ordinance relating to the stamp duty waiver came into operation on 21 December 2024.

• The Rating (Amendment) Ordinance 2024 was gazetted on 1 November 2024 to implement a progressive rating system for domestic tenements with rateable value over HKD 550,000. The new system will take effect from the fourth quarter of the financial year 2024/25, i.e. January to March 2025.