Property buyer charged with fraud over stamp duty
2020-8-26
A property buyer was charged by the ICAC yesterday (August 25) for conspiring with a property vendor and a property agent to deceive the Inland Revenue Department (IRD) into levying a lesser amount of stamp duty by understating the transaction price of the property by $500,000.
Chan Chung-ho, 75, merchant, faces one count of conspiracy to defraud, contrary to Common Law.
The defendant will appear in the Tuen Mun Magistrates’ Courts tomorrow (August 27) for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the alleged offence.
In September 2016, the defendant viewed a property in Yuen Long listed for sale at about $2.8 million. The defendant was interested in purchasing the property and instructed the property agent who lined up the viewing to negotiate the selling price with the vendor.
The charge alleges that between September 3 and November 30, 2016, the defendant conspired together with the aforesaid vendor and property agent to defraud the IRD by dishonestly and falsely representing to the department that the purchase price of the abovementioned property was $2 million while the actual price was $2.5 million, and induced the IRD to levy a lesser amount of ad valorem stamp duty.
It is alleged that the property buyer would have paid an ad valorem stamp duty of $45,000 less should the IRD accept $2 million as the purchase price.
The IRD has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance tomorrow.
Chan Chung-ho, 75, merchant, faces one count of conspiracy to defraud, contrary to Common Law.
The defendant will appear in the Tuen Mun Magistrates’ Courts tomorrow (August 27) for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the alleged offence.
In September 2016, the defendant viewed a property in Yuen Long listed for sale at about $2.8 million. The defendant was interested in purchasing the property and instructed the property agent who lined up the viewing to negotiate the selling price with the vendor.
The charge alleges that between September 3 and November 30, 2016, the defendant conspired together with the aforesaid vendor and property agent to defraud the IRD by dishonestly and falsely representing to the department that the purchase price of the abovementioned property was $2 million while the actual price was $2.5 million, and induced the IRD to levy a lesser amount of ad valorem stamp duty.
It is alleged that the property buyer would have paid an ad valorem stamp duty of $45,000 less should the IRD accept $2 million as the purchase price.
The IRD has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance tomorrow.