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Topical Issues

Banking Review Tribunal


Stamp Duty (Amendment) Ordinance 2015

  • The Amendment Ordinance was gazetted on 13 February 2015 to implement the stamp duty waiver for the transfer of shares or units of all exchange traded funds (“ETFs”) as proposed in the 2014-15 Budget. Starting from 13 February 2015, stamp duty is waived for the transfer of shares or units of all ETFs.

  • The ETF sector is one of the key components of the asset management industry worldwide. It has been growing rapidly. In Hong Kong, ETFs are open-ended collective investment schemes the shares or units of which are listed or traded on the Stock Exchange of Hong Kong.

  • With further integration of the financial markets in Asia, the Government has since 2010 extended the stamp duty remission to ETFs with their registers of holders maintained in Hong Kong that track indices comprising not more than 40 per cent in Hong Kong stocks as an initiative to encourage the listing of ETFs tracking regional indices in Hong Kong.

  • The Government proposed in the 2014-15 Budget to waive the stamp duty for the transfer of all ETF shares or units, so that the transaction cost of ETFs with their registers of holders maintained in Hong Kong and with more than 40 per cent of Hong Kong stocks in their portfolios can be reduced as well to help promote the development, management and trading of ETFs in Hong Kong. This will be conducive to fostering Hong Kong’s position as an asset management centre and the development of our financial services sector as a whole, and provide new business opportunities for market practitioners and a greater range of products for investors.

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