The legislature yesterday passed a government-initiated bill according to which an additional stamp duty will be levied on all those who buy residential units in addition to their first one.
The government submitted the bill to the Legislative Assembly (AL) last week. The outline of the bill was passed during a plenary session on Tuesday.
The government has said that the bill aims to cool down the city’s red-hot home market.
Accompanied by several officials, Secretary for Economy and Finance Lionel Leong Vai Tac (fourth from right in the top row of seats for officials) addresses yesterday’s plenary session in the legislature’s hemicycle. Photo: GCS
