Macau | Stamp duty refund to Pearl Horizon owners to reach some MOP602 mln – Gov’t

Macau (MNA) – Starting from today, Pearl Horizon homebuyers are entitled to claim a refund of the stamp duty paid for the acquisition of housing units in the Pearl Horizon residential complex, the Director of the Financial Services Bureau, Iong Kong Leong, said in a press conference on Wednesday afternoon.

The measure was announced after project developer Polytex Corporation Ltd. has lost its final appeal in Macau’s top court – with the verdict disclosed this morning – frustrating the hopes of buyers who believed the company stood a chance of recovering the rights to build the complex despite the government voiding the land concession.

Government figures presented today show that 3,480 stamp duty refund cases will be involved in the amount of some MOP602 million.

“This MOP602 million-worth of stamp duty refund will be drawn from this year’s budget,” added Mr. Iong.

Iong pledged that all the procedures involving the stamp duty refunds will be completed within a period of 30 to 45 working days.

[Edited by Sheyla Zandonai]