The Hong Kong General Chamber of Commerce (HKGCC) welcomes the proposals laid out by Chief Executive Carrie Lam today in her fourth Policy Address. The Chamber believes the initiatives to help Hong Kong through these difficult times, as well as support our development and further integration within the Greater Bay Area, are timely measures that will boost the economy and our future prospects.

 The Chief Executive, Mrs Carrie Lam, announced today (November 25) in her Policy Address the introduction of amendments to the Stamp Duty Ordinance to abolish the Doubled Ad Valorem Stamp Duty (DSD) on non-residential property transactions, with effect from tomorrow (November 26) (the Effective Date). The Inland Revenue Department will revert the ad valorem stamp duty rates chargeable on non-residential property transactions to the Scale 2 rates on and after the Effective Date.

To encourage and assist Hong Kong enterprises in upgrading their innovation and technological level, the Government has set up funding schemes under the Innovation and Technology Fund (ITF) to finance research and development (R&D) projects on innovation and technology.

The Chief Executive in Council has made two orders under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Serbia and Georgia. The orders will be gazetted on October 23.