LCQ3: Revenues from stamp duties and land premiums
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Question:
Regarding the revenues from stamp duties and land premiums, will the Government inform this Council, in each of the past five financial years:
(1) of the respective total amounts of stamp duties charged on agreements for sale, conveyances on sale or leases of (i) residential properties and (ii) non-residential properties, as well as the respective percentages of such amounts in the total government revenue for that year; if a breakdown of the stamp duty for these two types of properties is not available, whether it will compile such statistics, so as to enhance the transparency of government revenue;
(2) of the respective total amounts of stamp duties charged from the (i) Buyer's Stamp Duty, (ii) Special Stamp Duty and (iii) ad valorem stamp duty at the rates at Scale 1; and
(3) of the total amount of revenue from land premiums and its percentage in the total government revenue for that year?
Reply:
President,
My response to each part of the Member's question is set out below:
(1) The amount of stamp duties collected from sale and purchase of residential and non-residential properties (including agreements for sale and conveyances on sale) and leases, and the percentage of total government revenue accounted for by such amount in each of the past five financial years are tabulated below:
| Financial year | Stamp duty on sale and purchase of residential properties |
Stamp duty on sale and purchase of non-residential properties |
Stamp duty on leases of residential and non-residential properties (Note 3) | |||
| Amount ($ million) (Note 2) |
Percentage of total government revenue |
Amount ($ million) (Note 2) |
Percentage of total government revenue |
Amount ($ million) |
Percentage of total government revenue |
|
| 2016-17 | 31,547 | 5.5% | 8,006 | 1.4% | 597 | 0.1% |
| 2017-18 | 45,038 | 7.3% | 13,991 | 2.3% | 663 | 0.1% |
| 2018-19 | 39,543 | 6.6% | 9,875 | 1.7% | 725 | 0.1% |
| 2019-20 | 29,791 | 5.0% | 5,107 | 0.9% | 672 | 0.1% |
| 2020-21 (Note 1) |
30,895 | 5.7% | 4,159 | 0.8% | 591 | 0.1% |
(2) The amounts of Buyer's Stamp Duty (BSD), Special Stamp Duty (SSD) and ad valorem stamp duty (AVD) at Scale 1 rates collected in each of the past five financial years are tabulated below:
| Financial year | BSD ($ million) (Note 4) |
SSD ($ million) (Note 4) |
AVD at Scale 1 rates | |
| Residential properties ($ million) (Note 2) |
Non-residential properties ($ million) (Note 2) |
|||
| 2016-17 | 7,140 | 250 | 11,114 | 7,945 |
| 2017-18 | 9,351 | 308 | 10,062 | 13,973 |
| 2018-19 | 8,147 | 325 | 14,244 | 9,512 |
| 2019-20 | 4,896 | 206 | 8,416 | 5,068 |
| 2020-21 | 2,768 | 219 | 6,745 | 3,025 |
(3) The total amount of land premium and the percentage of total government revenue accounted for by such amount in each of the past five financial years are tabulated below:
| Financial year | Land premium ($ million) |
Percentage of total government revenue |
| 2016-17 | 127,970 | 22.3% |
| 2017-18 | 164,811 | 26.6% |
| 2018-19 | 116,861 | 19.5% |
| 2019-20 | 141,728 | 24.0% |
| 2020-21 (Note 1) |
88,713 | 16.3% |
Note 1: The amount of total government revenue in the 2020-21 financial year refers to the revised estimate
Note 2: The amount does not include further stamp duty (applicable where the stated consideration is below the value of the property), fixed duty and penalty, and has not been adjusted due to refund
Note 3: As stamp duty payable on a lease is calculated by reference to the rent and lease term, those who submit stamping applications are not required to provide information on the types of properties to the Inland Revenue Department, and hence no breakdown of the statistics is available
Note 4: The amount does not include penalty and has not been adjusted due to refund
Ends/Wednesday, April 28, 2021
Issued at HKT 12:45
Issued at HKT 12:45
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