Hong Kong Property Levy Payable From July

Hong Kong purchasers of residential and non-residential property are now required to pay a levy of HKD350 (USD45) within 30 days after a conveyance on sale is executed.

The levy is payable from July 1, 2018, and applies specifically to property conveyances. It is payable regardless of the price paid or the value of the property being transferred, to the Inland Revenue Department's Stamp Office, alongside any stamp duty due.

The Inland Revenue Authority has published guidance on the new levy and has set up a dedicated webpage to explain levy collection arrangements.