Taxation in Hong Kong

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Attempts to cool Hong Kong’s runaway property market are being undermined by the ultra-wealthy who are legally using shell companies to sidestep stamp duty. The tax paid on a property purchase can plummet if the home is held via a shell company, reports Bloomberg.

Revenue Minister Stuart Nash says New Zealand’s ability to detect and prevent tax evasion is enhanced by an update to our double tax agreement with Hong Kong which is now in force.

A plan that would pull many Hongkongers who work on the mainland into the nation’s tax net has prompted calls for an exemption. Such a move would be good for Hong Kong, the mainland and the Greater Bay Area scheme

The aim of the tax is to release more flats and prevent developers from hoarding newly built flats, amid ever-rising prices in the world’s least affordable property market. So what is the plan, what does the tax mean for Hong Kong and why do some pundits find it less than exciting?

At RTHK’s City Forum, proponents believed the tax could help release residential units into the market although they agreed its impact on home prices would be insignificant, while opponents argued the vacancy rate of flats was low.

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