Currently, the stamp duty rates on property leases range from 0.8 per cent for those with a lease period of less than 1 year, to 3.2 per cent for those with a lease period of more than 3 years. To reduce business costs, I have decided to halve the stamp duty on leases with immediate effect. This is expected to reduce stamp duty revenue by $161 million a year. Details are given in Annex IV.