Search

x
Join our whatsapp channel for News Updates

Hong Kong ends tax on purchase of homes for non residents: Details inside

08:40 PM | 28 Feb, 2024
Hong Kong ends tax on purchase of homes for non residents: Details inside

HKSAR -  The government of Hong Kong has lifted the taxes imposed on the purchase of property by non-residents in a major set of reforms.

As part of the changes, the government has ended a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property.

The decision comes as home prices fell to a seven-year low, with Finance Minister Paul Chan confirming the measures in a speech presenting the territory’s budget.

The government has also raised spending on tourism promotion and as per the finance minister, all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect.

The minister stated that given the prevailing economic and market conditions, the restrictions on property transactions were deemed unnecessary and as part of the reforms, homeowners are relieved from the obligation of paying a separate duty on sales of properties bought within a two-year timeframe.

Chan hinted at the possibility of implementing further measures to relax property lending regulations, emphasizing the importance of maintaining banking system stability.

Last year saw a halving of taxes on home purchases by non-permanent resident buyers and those acquiring additional properties, prompting a surge in shares of Hong Kong property developers. 

Promoting Tourism

In a bid to enhance tourist attractions, Chan announced plans to revamp the Victoria Harbor light show and organize monthly pyrotechnic and drone displays. Additionally, $100 million Hong Kong dollars ($12.8 million) will be allocated to promote major events in the city, with an emphasis on activities like hiking and cycling, and the creation of a new tourism brand to subtly promote Hong Kong.

Efforts will also be made to collaborate with mainland Chinese cities to boost tourism in the Greater Bay Area around Hong Kong, considering mainland Chinese tourists constitute the majority of visitors to the city. Over the Lunar New Year holidays, Hong Kong welcomed nearly 1.44 million visitors, with almost 90% of them originating from mainland China.

Daily Pakistan Global Web Desk

Advertisement

Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
 
76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86
 
1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter