The Hong Kong Inland Revenue Department has issued a notice on the passage of the Stamp Duty (Amendment) Bill 2022, which provides a stamp duty exemption for certain transactions relating to dual-counter stock made by market makers.
Government welcomes passage of Stamp Duty (Amendment) Bill 2022
The Government welcomed the Legislative Council's passage of the Stamp Duty (Amendment) Bill 2022 today (January 18). It gives effect to the proposed exemption of stamp duty payable for certain transactions relating to dual-counter stock made by market makers.
A Government spokesman said, "The amended Ordinance is an important step to promote the issuance and trading of Renminbi (RMB) securities. It supports the upcoming launch of the Dual Counter Market Making Programme, which promotes the price efficiency and liquidity of the RMB counters of Hong Kong stocks. We will continue to further the work to consolidate Hong Kong's status as the world's offshore RMB hub, and assist the internationalisation of RMB."
The amended Ordinance will come into operation on the gazettal day (January 27). The Hong Kong Exchanges and Clearing Limited plans to formally launch the Dual Counter Market Making Programme in the first half of 2023 upon finalising the implementation details.