Penalty-Free Property Registration Deadline Announced

• 25 April 2024
• Property Focus
• 1666 Views

The General Department of Taxation has declared a grace period for owners of unregistered or outdated immovable properties, offering an exemption from administrative penalties, including surcharges and interest, provided they complete their registration or update their property information by the end of June 2024.

This directive, issued in a press release on 25 April 2024, underscores the government’s commitment to streamlining property ownership records and encouraging compliance among property owners.

Owners of immovable properties, encompassing both land and constructions within Phnom Penh and all provincial cities, are urged to ensure their real estate information is current with the General Department of Taxation or local tax branches. This initiative specifically targets properties that have undergone multiple transfers or occupations, granting a tax exemption from the point the last owner took possession.

However, the clock is ticking, and property owners are advised to act swiftly to take advantage of this opportunity before the looming deadline of 30 June 2024.

The taxation of immovable property in Cambodia is an annual obligation, with declarations and payments due between 1 January and 30 September each year. The tax applies to properties valued at 100 million Riels (approximately US$25,000) or more, affecting a broad spectrum of property owners across the nation. This move to waive penalties for late registration or updates is seen as an incentive to encourage property owners to regularise their status, thereby enhancing the accuracy of the national property registry and facilitating better governance of real estate assets.

• Laws and Regulation