The “seriously outdated” buyer’s stamp duty and special stamp duty should be axed “before it’s too late”, developer Lok Wai Tak, who chairs the International Real Estate Federation – China Macau Chapter, said yesterday.
Lok, who is also a member of the government-appointed Urban Renewal Committee, made the appeal when addressing a reception celebrating the group’s 6th anniversary at The Plaza Restaurant in Zape.
According to the Stamp Duty Regulation, which was most recently amended in 2012, an additional 10 percent stamp duty, commonly known as buyer’s stamp duty, on residential property transactions must be levied if such transactions involve buyers who are legal entities, companies or non-local residents.
Developer Lok Wai Tak, who chairs the International Real Estate Federation – China Macau Chapter, addresses a reception celebrating the group’s 6th anniversary, at The Plaza Restaurant in Zape yesterday. Photo: Davis Ip
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