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Q:
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Can I use any contract note for non-HKD listed products for stamping?
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A:
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No. Stamp duty has to be shown and imprinted on the specified contract note in Hong Kong dollars even if the list products are denominated in a currency other than Hong Kong dollars. The specified note can be shown as “We confirm that the stamp duty imprinted herein has been / will be paid through the Stock Exchange of Hong Kong Ltd. Where the consideration is in a foreign currency, the stamp duty paid / to be paid will be based on the Hong Kong dollar equivalent of the consideration at the rate of exchange prescribed by the Stamp Duty Ordinance (Cap 117).”
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Q:
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How to imprint the above-mentioned specified note on the contract note for non-HKD listed products?
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A:
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As long as the specified note appears on the contract note, legible and can be clearly identified as made by the parties concerned, it will be acceptable.
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Q:
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What are the stamping requirements for listed Hong Kong stock where stamp duty is paid through the Stock Exchange of Hong Kong Ltd. (“SEHK”) to Stamp Office?
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A:
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The contract note is regarded as “stamped” if the imprint on the contract note met the following requirements are met:
Stamp duty amount is in Hong Kong dollar; and
A note to the effect that the amount of stamp duty has been or will be paid through a recognized exchange company.
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Q:
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How to calculate stamp duty for non-HKD listed products?
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A:
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If the consideration is in a currency other than Hong Kong dollar, it should be converted into HKD by using the rate of exchange determined by the Hong Kong Monetary Authority. Stamp duty will be calculated at 0.1% of the amount of the consideration or of its value on every sold and bought note.
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Q:
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How can I determine the rate of exchange for calculating the stamp duty?
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A:
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For the purpose of calculating stamp duty as regards foreign currency, it should be the buying rate for the currency in question, as determined by the Monetary Authority, for telegraphic transfers at the commencement of business on the date of the instrument or, if that date is a Sunday or a general holiday, on the business day immediately preceding that date.
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FAQ
