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Living In Hong Kong |
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Paperwork |
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Government Stamp Duty Tax |
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The landlord's solicitor, upon signing of the agreement, will normally present a debit note for the agreed rental deposit as well as the first month's rental in advance. If you have used your own solicitor, you must bear your own costs.
This is shared equally between the landlord and tenant for the stamping of the lease agreement after it is signed, and must be paid within 30 days from the date of the lease agreement. Failure to do so will mean that both parties are liable to a penalty for lateness. Stamp duty can be calculated as follows:
| I. |
0.25% of the total annual rental, where the length of lease is unspecified or is one year or less |
| II. |
0.5% of the annual rent, where the lease is for between 1-3 years |
| III. |
1% of annual rent, where the lease is for 3 years or longer |
Payment should be made by either the landlord, tenant or estate agent to Stamp Office, 3/F Revenue Tower, 5 Gloucester Road, Wanchai (Telephone: (852) 2594 3201 or 2594 3202) by bringing along the lease agreement. The office is open from 8:15 am to 5:30 pm, Monday to Friday.
Alternatively, the lease agreement may be forwarded to the Stamp Office by post. If the lease is a document containing the usual terms, stamp duty can be calculated and a crossed cheque made payable to "The Government of the Hong Kong Special Administration Region" can be sent to the Stamp Office. Otherwise, the tenant will be advised of the amount of stamp duty to pay.
More information can be found on www.ird.gov.hk
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