PLC Paper No. LS 116
Paper for the House Committee Meeting
of the Provisional Legislative Council
on 6 March 1998
Stamp Duty (Amendment) Bill 1998
Object of the Bill
To amend the Stamp Duty Ordinance (Cap. 117) ("the Ordinance") to give effect to the proposal in the 1998-99 Budget.
Provisional LegCo Brief Reference
2. FIN SCR 7/2201/97 issued by the Finance Bureau on 26 February 1998.
Date of First Reading
3. 4 March 1998.
4. The Bill seeks to amend Head 2 in the First Schedule to the Ordinance to reduce the stamp duty chargeable in respect of a transaction in Hong Kong stock from 0.3% to 0.25 %.
5. This proposal will be implemented as an interim measure from 1 April 1998 by the Public Revenue Protection (Stamp Duty) Order 1998 (L.N. 154 of 1998).
6. The legal and drafting aspects of the Bill are in order.
Lam Ping-man, Stephen
Assistant Legal Adviser
Provisional Legislative Council Secretariat
3 March 1998