Stamp duty paid increases over year

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The amount paid for the Special Stamp Duty (SSD) in February of this year amounted to 113.3 per cent of that paid in the same month last year, according to the most recent data from the Financial Services Bureau (DSF).
A total of MOP884,770 was paid out during the month for the SSD, all falling under the category of residences. This brings the total amount paid for the SSD this year to MOP2.15 million, relating to a total of six SSD payments, all regarding residential properties.
The SSD was imposed in June 2011 on property or property rights transactions, collected within two years after the stamp tax and implemented to control speculation in the housing market. If a property is sold within the first year of purchase a 20 per cent SSD is applicable; if sold between one and two years of purchase, a 10 per cent SSD is applicable.
Additionally, in a continuation of last month’s first provision of data on the additional stamp duty, which came into effect in November 2016, the month of February saw a near 38-fold increase in the amount paid, year-on-year, hitting MOP6.49 million during the period, relating to 19 property transactions. The amount, however, represents a 39.8 per cent reduction month-on-month. So far this year MOP17.26 million has been paid in additional stamp duty.
The measure represents a 10 per cent levy on property transactions if the purchaser is a non-resident of the MSAR or an entity.
Last year, a total of 208 home transactions were subject to the additional stamp duty, amounting to some MOP129.2 million.