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.

Comments

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).

Conclusion

6. The legal and drafting aspects of the Bill are in order.

Prepared by

Lam Ping-man, Stephen
Assistant Legal Adviser
Provisional Legislative Council Secretariat
3 March 1998