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Leong Mun Wai on Stamp Duties (Amendment) Bill

05:38 Min

The Stamp Duties (Amendment) Bill should have been introduced in 2011 at the same time as the Additional Buyer’s Stamp Duty (ABSD), said NCMP Leong Mun Wai in Parliament on Tuesday (Jul 5). Saying the Government had allowed a “loophole” to be “exploited by some rich buyers of properties”, Mr Leong asked for data on the number and value of properties transferred to living trusts since the ABSD came into effect in 2011, and whether there were properties sold for profit under living trusts without paying the ABSD. He suggested applying the Bill retroactively to all properties transferred to living trusts since the introduction of the ABSD.

The Stamp Duties (Amendment) Bill should have been introduced in 2011 at the same time as the Additional Buyer’s Stamp Duty (ABSD), said NCMP Leong Mun Wai in Parliament on Tuesday (Jul 5). Saying the Government had allowed a “loophole” to be “exploited by some rich buyers of properties”, Mr Leong asked for data on the number and value of properties transferred to living trusts since the ABSD came into effect in 2011, and whether there were properties sold for profit under living trusts without paying the ABSD. He suggested applying the Bill retroactively to all properties transferred to living trusts since the introduction of the ABSD.

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