HKEx automates stamp duty reporting and payment
10 September 2010 | 4094 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.