Home » Hong Kong Budget 2021: Financial chief grilled over relief measures as stock stamp duty increase slammed by lawmakers

Hong Kong Budget 2021: Financial chief grilled over relief measures as stock stamp duty increase slammed by lawmakers

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Hong Kong’s legislators probed Hong Kong Financial Chief Paul Chan on Thursday at the Legislative Council (LegCo) over the budget he delivered on Wednesday. Chan was questioned over the stamp duty increase, as well as questioned over support measures for unemployed people.

Following the announcement that Hong Kong’s stock stamp duty will increase from 0.1 per cent to 0.13 per cent, some lawmakers voiced concerns over the potential damage done to Hong Kong’s reputation as a financial centre.

Paul Chan (right). Photo: Selina Cheng/HKFP.

Legislator Christopher Cheung, representing the financial industry, blamed Chan for the stock market’s dive after the announcement: “Yesterday [the stock market] dropped by over a thousand points, several hundred billion dollars evaporated, it must have been caused by the increase in stamp duty,” said Cheung.

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