Amend the Stamp Duty Ordinance.

Enacted by the Provisional Legislative Council.

1. Short title and commencement

(1) This Ordinance may be cited as the Stamp Duty (Amendment) Ordinance 1998.

(2) This Ordinance shall be deemed to have come into operation on 1 April 1998.

2. First Schedule amended

The First Schedule to the Stamp Duty Ordinance (Cap. 117) is amended---

(a) in head 2(1), by repealing "$1.50" and substituting "$1.25";

(b) in head 2(3), by repealing "$3" and substituting "$2.50".

Explanatory Memorandum

The purpose of this Bill is to amend the Stamp Duty Ordinance (Cap. 117) to give effect to the proposal in the 1998--99 Budget.

2. The Bill amends Head 2 in the First Schedule to the principal Ordinance to reduce the stamp duty chargeable in respect of a transaction in Hong Kong stock from 0.3% to 0.25% (clause 2).