Gov’t Unveils Stimulus: Stamp Duty Tax Exemption on Real Estate Under US$70,000 until 2024 Year-End

• Sommana Yan
• 15 November 2023
• Local News
• 2344 Views

Prime Minister Samdech Hun Manet announced during the 19th “Government-Private Sector” forum on 13 November 2023, that the government is extending the stamp duty tax exemption for real estate valued under US$70,000 until the close of 2024 to foster homeownership and stimulate the real estate market.

PM Hun Manet stated, “We will continue the stamp duty tax exemption on the transfer of the right or possession of all types of housing in boreys worth less than or equal to US$70,000 until the end of 2024.” This far-reaching decision is poised to benefit aspiring homeowners and invigorate the real estate sector.

In further support of affordable homeownership, houses exceeding the US$70,000 threshold will enjoy a deduction of US$70,000 from the tax base. This incentive is applicable for the purchase of houses within registered housing development projects in boreys, holding valid real estate business licenses, and will be in effect until the conclusion of 2024.

The scope of the property tax is limited to the 14 districts in Phnom Penh and 27 cities nationwide, ensuring that this initiative directly impacts key urban areas.

In tandem with the stamp duty extension, the Royal Government of Cambodia has taken an additional stride by exempting six types of capital gains tax on real estate profits. This inclusive exemption covers leases, investment assets, business reputation, intellectual property, and foreign currency transactions, signaling a comprehensive approach to catalyze growth in the real estate sector.

 

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