MOEF decided to continue exempting the stamp duty on houses worth less than or equal to USD 70K until the end of 2025

• 13 October 2024
• Local News
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The Ministry of Economy and Finance has decided to continue exempting stamp duty on the transfer of ownership or possession of all types of housing in the form of Boreys with a value of less than or equal to 70,000 US dollars until the end of 2025.

This is according to the notification No. 014 MEF.S.C.N. dated October 9, 2024.

The state will continue to provide stamp duty on the transfer of ownership or possession of all types of housing in the form of Boreys valued at more than USD 70,000, allowing for the deduction of USD70,000 from the stamp duty base for purchasing houses in the housing development project Chea Borey, which has a real estate business license and is properly registered until the end of 2025.

In addition, any transfer of ownership that receives the above exemption and tax concessions must meet the following conditions:

Acquisition of ownership or possession of real estate with a value of less than or equal to or more than USD70,000 (seventy thousand) dollars according to the actual market price stated in the contract of sale from February 25, 2020, to the end of 2025 and To declare stamp duty during this period.

Acquisition of ownership or possession of real estate (all types of housing) from a housing developer registered with the Ministry of Economy and Finance (currently the Real Estate and Mortgage Regulator) or at the provincial Department of Economy and Finance.

All housing developers must make a proper sales contract based on the actual market price. If necessary, the General Department of Taxation of the Ministry of Economy and Finance may review housing developers who have taken the opportunity to reduce the purchase price from the actual market, affecting tax revenue.

In that case, the taxpayer must attach the actual sales contract between the housing developer and the buyer (original) in addition to the application for payment of stamp duty on the transfer of ownership or possession of the real estate.

In addition to the above stamp duty exemption, the Ministry of Economy and Finance has also decided to exempt other property taxes, including:

Capital Gain Tax: Postpone the application of this tax on natural persons to real estate until the end of 2025.

Property tax: This tax exemption is based on the type of property and the relevant occupancy documents.

Unused land tax: The application of this tax shall be suspended until the end of 2024, which means that the owner or occupant or the final beneficiary has no obligation to declare the tax until the end of 2024.

It should be noted that all of the above exemptions, concessions and suspensions have no effect on the tax, including administrative penalties (additional tax and interest) already paid.

 

 

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