A woman walks past Exchange Square which houses the Hong Kong stock exchange in Hong Kong on April 27, 2022. (DALE DE LA REY / AFP)
HONG KONG – The Hong Kong Special Administrative Region government said on Friday that it has published in the Gazette the Stamp Duty (Amendment) Bill 2022 which exempts the stamp duty payable for certain transactions relating to dual-counter stock made by market makers.
"The proposed stamp duty exemption is to create favourable conditions for market makers to engage in market making and liquidity providing activities with lower transaction costs, thereby promoting the trading of Renminbi (RMB) stocks, enhancing the use of RMB in Hong Kong for investment purposes and contributing to the RMB internationalization process," a government spokesperson was quoted as saying in a government statement issued on Friday.
The bill will be introduced into the Legislative Council for first reading on November 30.
It was one of the new initiatives Chief Executive John Lee Ka-Chiu announced in his maiden Policy Address on Oct 19 to boost Hong Kong's status as an international finance center.
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