Jan 19, 2023
Stamp Duty (Amendment) Bill 2022 was passed by the Legislative Council on 18 January 2023. It gives effect to the proposed exemption of stamp duty payable for certain transactions relating to dual-counter stock made by market makers.
The Government said the amended ordinance is an important step to promote the issuance and trading of renminbi securities as it supports the upcoming launch of the Dual Counter Market Making Programme that promotes the price efficiency and liquidity of RMB counters of Hong Kong stocks.
The work to consolidate the city's status as global offshore RMB hub and assist the internationalisation of RMB will continue, it added.
The amended Stamp Duty Ordinance will be gazetted on January 27 and come into operation on that date.
The Hong Kong Exchanges & Clearing Ltd plans to launch the Dual Counter Market Making Programme in the first half of 2023 when the implementation details are finalised.
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