Legco approves decreasing mark obligation for inventory buying and selling

Lawmakers on Wednesday handed a bill to lower the mark obligation for inventory buying and selling to 0.1 percent.

The proposal to lower the payment from 0.13 percent became made in last month’s Coverage Address, as fragment of efforts to toughen market sentiment and invent bigger market competitiveness.

“The vibrancy of the inventory market is key to strengthening Hong Kong’s aim as an world financial centre, hanging forward our global competitiveness, and striving the enchancment of the local financial companies and products sector,” financial companies and products secretary Christopher Hui stated.

The minister told Legco that the alternate is only regarded as one of several ways to invent the local bourse more competitive.

His bureau had stated that the mark obligation alternate is anticipated to payment the authorities round HK$14.1 billion a yr.