Property-based tax revenue more than doubles in 2019

• 22 January 2020
• Property Focus
• 2198 Views

Stamp duty and property rental tax revenue for 2019 increased more than 111%, compared to 2018, according to a report by the General Department of Taxation.

According to a statement released on 21 January, the General Department of Taxation in 2019 collected total tax revenue of more than US$2.8 billion, exceeding the initial plan by 23% or rising approximately 28% compared to the previous year.

Among all types of taxes, duty stamp tax revenue increased by 43.73%, and property rental tax grew by 68.2%, which is a positive sign for the kingdom’s economy.

The report added that the increase in tax revenue is due to several factors such as the introduction of the online tax payment system, such as E-filing and E-VAT, as well as other key policies implemented by the General Department of Taxation.

The General Department of Taxation will also continue to closely monitor and pay strong attention to tax collection in 2020, to make the tax collection system more effective and transparent.

Regarding the collection of tax, Prime Minister Samdech Hun Sen urged the Ministry of Economy and Finance (MEF) in 2018 to revise the country’s stamp duty, or property transfer tax, saying the current tax is too low. (Read More)

In Cambodia, the current rate for stamp duty tax is 4%, while the rate for property rental tax is 10%.

• Economy and Finance