DSE drafts bill to exempt old buildings from stamp duty

Traffic pass residential buildings in Macau, China, on Thursday, May 21, 2015. Macau is scheduled to release first-quarter gross domestic product (GDP) figures on May 28. Photographer: Billy H.C. Kwok/Bloomberg

Director of the Legal Affairs Bureau (DSAJ) Liu Dexue revealed that the Macao Economic Services (DSE) has completed the draft of the bill regarding an exemption of stamp duty for old buildings that need to be renovated.
The bill involves exemption of the property stamp duty and offers special stamp duty concessions to owners of properties that are in need of imminent renovation.
In response to the enquiry made by legislator Si Ka Lon regarding the progress of legislating on urban renewal, Mr. Liu wrote that a total of 30 legal proposals are on the agenda for the coming three years.
He explained that affairs related to the livelihood of citizens are their top priority.
The 30 legal proposals will cover the revision of law codes, and will update laws relating to labour affairs, medical matters, education, transportation and housing.
In the response, the DSAJ Director also reported that the Urban Renewal Committee had held six planetary meetings in the ten months up until end of last year, with three task forces created to work on the city’s urban renewal.