Stamp Duty For Tenancy Agreement In Hk

In addition, a proof of rent must be stamped before it can be submitted to the land registry for registration. A fixed-term lease, established on or after July 9, 2004, expires at the end of its term. Landlords and tenants do not have to issue notices of termination. You or your tenant may also prematurely terminate the tenancy agreement by mutual agreement or in the event of a termination clause in accordance with the contract. To save time, you can use the online e-Stamping service to post properties and release transfer documents. Alternatively, you can apply for conventional punching with the Stamp Board. This article will tell you more about different buffering methods. 5 Stamp service times are:- Monday to Friday from 8:45 to 5:00 (No lunch break) Saturday, Sunday and public holidays closed 4. A stamp certificate has the same legal status as a traditional stamp. Tariffs 5. Stamp duty on leases is calculated at rates that vary as follows for the duration of the lease:- The stamp reference rate (note 1) is not defined or is uncertain about the annual or average annual rent (Note 2) No more than one year of the total rent over the duration of the tenancy agreement (note 2) exceeds 1 year; But no more than 3 years of annual rent (note 2) 3 years exceeds 1% of the annual rent (note 2) Key money, construction tax, etc. You should submit a notice of a new lease or renewal agreement to the rating and valuation department for approval within one month of the execution of a lease agreement. In case of late filing, a fee of 310 HK is charged.

If a copy of the notification is returned after approval, you have the right to take legal action to claim rent if necessary. If you have questions about rental issues or need help, you can contact the Rating and Evaluation Service (RVD) for free application, assistance and intermediation services. You can also get free legal advice from the Duty Lawyer service. 6 In the tenancy agreement mentions the consideration whether the rent must also be paid under the tenancy agreement. Otherwise, the same tax as for the sale of duplicate or counter-coin applies $5 per note: 1 If the calculated stamp duty contains a fraction of $1, round the tax on the next $1. 2 Annual rent, average annual rent and total rent must be rounded to the next $100. The rental deposit mentioned in the rental agreement is not taken into account in the calculation of stamp duty. [You can refer to the examples in the appendix.] Penalty for late STAMPING 6. Late stamping and omission of the stamp is subject to the payment of the penalty as follows:- STAMPING DelayPenalty No more than 1 month 2 times the amount of stamp duty over 1 month, but no more than 2 months 4 times the amount of stamp duty Each other case 10 times the amount of stamp duty 7. INLAND REVENUE DEPARTMENT STAMP OFFICE 3/F., Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong.

Tel: 2594 3201 Website: Fax no: 2519 6740 E-Mail: STAMPING PROCEDURES AND EXPLANATORY STOSSTAMPING of Nancy Chargeability to Stamp Duty Lease, Agreement for lease and any other document of similar (including their counterpart and duplicate) are payable with a stamp duty. The landlord, the tenant and all other persons who sign the lease are responsible for paying stamp duty.

Posted Monday, April 12th, 2021 at 1:40 pm
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