54 property
Stamp duty calls
a new approach to property stamp duty is under
discussion in the Legislative assembly but not
everyone is happy with the sliding-scale approach
the government is taking
by Herman He
M
ACAU lawmakers have
gested in the new proposal, the loss
been discussing a proposal
would be lower, at just MOP147 mil-
to calculate property stamp
lion.
tax using a sliding-scale tax formula
and a plan that only buyers who
Not content
paid property transfer tax on or after
January 1 this year should be entitled
Not everyone is happy with the
to benefit from the new rate.
new sliding-scale proposal.
As a result, homebuyers who pay
Macau General Association of
transfer tax and settle the entire stamp
Real Estate and Realty Developers
duty anytime in 2009 will get a tax
Association favours a uniform sys-
refund under the new formula. This is
tem. They suggest that the govern-
undoubtedly good news for homebuy-
ment charge a symbolic stamp duty of
ers but whether it will stimulate the
MOP100 for housing deals amounting
real estate market or not, is yet to be
to or less MOP2 million or less, in
seen, according to professionals from
order to help low-income people buy
the sector.
their own homes.
Macau’s stamp duty is much high-
Progressive tax
er than that in China and Hong Kong.
The association’s president, Che-
Cheang Chi Keong, chairman of
ung Siu Kin believes local stamp duty
the Third Permanent Committee of
should be in line with regional values.
the Macau Legislative Assembly, said
In China, for low to medium cost
that under the new proposal, for any
properties and properties with an area
property the first MOP2 million of
of less than 144 square meters, stamp
the purchasing price will carry a one
duty is 1.5 percent, and for high-end
percent stamp duty, values between
properties and properties with an area
MOP2 and MOP4 million, two per-
of more than 144 square meters it is
cent and above MOP4 million, three
three percent.
percent, in effect, meaning that for
In Hong Kong the tax is 1.5 per-
any property deals, buyers will be
cent, for properties costing less than
charged only percent stamp duty for
HK$3 million, below HK$6 million,
the first MOP2 million.
three percent and just 3.75 percent for
Cheang says the government has
properties valued HK$6.72 million
recommended that the new stamp
upwards. For properties under HK$2
tax rate will apply to transactions
million, only a symbolic stamp duty
whose transfer procedure ocurred
of HK$100 will be charged.
on or after January 1 2009. Those
transferred before that date will be
taxed based on the current rate of 3
Ung Lei Fen:
percent.
If the government’s original
Sliding-scale tax
proposal to cut stamp tax to one per-
proposal is feasible,
cent for all transactions irrespective
of the property price was adopted,
yet rather complicated
more than MOP270 million of tax- and expensive
able revenue would be lost. But in
accordance with the formula sug-
april 2009
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