On 26 October 2012, the Financial Secretary announced that the Government would amend the Stamp Duty Ordinance to introduce with effect from 27 October 2012 a Buyer's Stamp Duty (“BSD”) on residential properties acquired by any person (including a company incorporated) except a Hong Kong Permanent Resident.  BSD is to be charged at a flat rate of 15% on all residential properties, on top of the existing stamp duty and the special stamp duty, if applicable.