Gov’t calls for property developers to join with stamp duty tax exemption

• 2 March 2020
• Local News
• 4239 Views

The government has called on property developers to lower the cost of housing given that property tax on properties worth less than US$70,000 will be exempted from tax duty for a year in 2020.

On the morning of 02 March 2020, H.E Kong Vibol, Director General of General Department of Taxation, urged all property developers to join with government’s one-year tax relief strategy. “Property developers should reduce rates on house equity as low as possible to help the government succeed in its currently announced counter strategy for ensuring sustainable growth through stamp duty tax exemption.”

“If all property developers agree to reduce their interest rates charges 20% to between 7% to 10%, house buying would surely increase at a certain level. They should not take advantage over this government’s stamp duty-free intervention to increase their interest rates; yet it would be a great assistance if they could reduce their interest rates”, Kong Vibol said.

It is expected that the tax exemption for real estate is the government’s counter approach which is to provide small assets with a tax exemption. If it is successfully implemented with good collaboration from property developers, the middle-class people can access houses at an affordable price

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