Bills Committee on Revenue Bill 1999
Concerns raised by members at the meeting on 8 June 1999
Members requested the Administration the following -
Deferred payment of stamp duty chargeable on an agreement for sale of residential property
- To provide a comparison of the amount and percentages of outstanding additional stamp duty and outstanding profit tax arising from property transactions owed by individuals and companies. Members remain unconvinced of the need to require a corporate purchaser to produce a banker's undertaking for the purpose of applying for deferred payment of stamp duty.
- To consider making an express provision in the Stamp Duty Ordinance (Cap. 117) to allow the presentation of a copy of an instrument chargeable with stamp duty for stamping in reasonable circumstances. Some members are of the view that although as a standing practice, stamp duty can be paid to the Inland Revenue Department in the absence of the relevant instrument, it is desirable to reflect such a practice in law.
- To consider stipulating in the Bill that the Inland Revenue Department should set out the reasons for refusing an application for deferred payment of stamp duty in the notice of decision.