The Third Standing Committee of the Legislative Assembly (AL) believes that the government has just made the biggest changes to the city’s stamp duty policy in 30 years.
Yesterday, the committee held a reading session on the amendment of the stamp duty policies.
In October 2019, the city’s lawmakers passed the amendment of the stamp tax laws and the stamp duty general table.
The amendment proposed setting up a two-year transitional period to abolish stamp duty, to abolish multiple specific types of stamp duty, and to increase the minimum administrative penalty fee against parties which fail to fulfil tax obligations, proposing that the penalty increase from the current 100 patacas to 1,000 patacas.
In addition, the bill also proposes imposing stamp duty on the transfer of the right to use shops, places or other spaces in commercial centers in order to prevent the loopholes inherent within the current law arising under the amended scheme.
Moreover, if there is a clause in the real estate lease stipulating that a dispute should be resolved through voluntary arbitration, the stamp duty can be halved, and the real estate lessor can also pay stamp duty based on an annual installment.
The chairman of the Third Standing Committee of the AL, Vong Hin Fai, characterized the amendment as the “amendment of the largest scale and the most systematic [nature] over the past 30 years.”
At yesterday’s meeting, the committee discussed the latest version of the law text submitted by the government.
Public raises
questions on
‘195 career’
Yesterday morning, the Second Standing Committee of the Legislative Assembly (AL) also held a meeting discussing the civil servants’ career regime.
Following previous meetings, the committee has received a number of letters from members of the public asking about the “195 career.”
Members of the public pointed out that the civil servants’ career regime has not mentioned what happens to those without a high school degree but university degrees.
According to Chan Chak Mo, Chairman of the Second Standing Committee of the AL, the government will adjust the law text based on the opinions.
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