24 March 2018
visit www.ebaday.com

HKEx automates stamp duty reporting and payment

10 September 2010  |  4104 views  |  0 Source: Hong Kong Exchange

Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Friday) that it will introduce automated stamp duty reporting and payment on Monday, 20 September.

The automation of stamp duty reporting and payment is aimed at helping to streamline Exchange Participants' (EPs) operations, reduce paper consumption and further increase the efficiency of HKEx's securities market. At present, EPs hand deliver their stamp duty reports and cheques for stamp duty payment to HKEx on a daily basis. HKEx estimates it now receives over 120,000 stamp duty reports in an average year so a significant amount of paperwork will be eliminated by the automation.

From 20 September, EPs will submit their stamp duty reports to HKEx via its new web-based Electronic Communications Platform and the stamp duty due will be debited from the EP's designated bank account automatically. Details of the new procedures for stamp duty reporting and payment are available on the HKEx website.

The implementation date was set following the successful completion of the two market rehearsals in August and confirmation from the EPs that they are ready for the new arrangement.

HKEx would like to thank EPs for their participation in its activities to prepare for automated stamp duty reporting and payment and their support for the automation.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
www.currencycloud.comRegister your place todayVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
14648 views 0 | 8 tweets | 5 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
12080 views comments | 16 tweets | 35 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
11680 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
10625 views comments | 14 tweets | 32 linkedin
Germany's N26 readies for US launch with EUR110 million capital injection led by Allianz and TenCentGermany's N26 readies for US launch with E...
8564 views comments | 14 tweets | 10 linkedin

Featured job

Basic c.£90K OTE c.£180K plus full benefits pac...
London based

Find your next job