[PHNOM PENH POST]
Cambodia's property-tax collection efforts may not initially raise large
amounts of revenue, but are crucial to setting a precedent for future
revenue- generation efforts, Economy and Finance Minister Keat Chhon
says.
“We don’t expect much tax income from this new law, but we
cannot help but make the law because we want to establish a tax culture
that allows us to collect more tax directly in the future,” he said
yesterday.
Generating tax revenues was an important step towards
funding national development, Keat Chhon said on the sidelines of a
seminar on the property tax.
It will initially be collected in
eight districts within Phnom Penh and 26 towns and cities in 23
provinces, beginning in September, but will not apply to agricultural
land or properties valued at less than 100 million riel or US$25,000.
The tax will be assessed on 0.1 per cent of property values based on market prices, as evaluated by a committee.
Keat Chhon declined to detail the expected income from the levy.
Realtors said they welcomed the government’s efforts to collect tax, provided it was done transparently.
Cambodia
Property Limited managing director Cheng Kheng said yesterday he
supported the tax, provided it was applied fairly to all property
owners and housing developers.
“It’s time to begin collecting tax on property, but we want the government to be transparent with us,” Cheng Kheng said.
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