PM Hun Sen: Stamp duty exemption also includes condos

• 4 March 2020
• Local News
• 3917 Views

Prime Minister Samdech Hun Sen has clarified that the stamp duty tax exemption also includes condominiums, as long as the property worth less than US$70,000.

Samdech Hun Sen gave this statement during the inauguration ceremony of National Road 58 on 26 February.

“Anyone who has enough money and buys a house worth under US$70,000; they can enjoy tax-free. However, I want to clarify that by saying ‘house’ here, I also mean condo,” said Samdech Hun Sen.

Samdech Hun Sen also urged the residents of Phnom Penh to consider condos as another option besides houses and should buy them within the given period.

Regarding the tax exemption for the condos, Mr Sorn Seap, CEO of Key Real Estate and a local real estate analyst, said that as of today, there was no change yet in the demand for condos following the tax exemption announcement.

“I cannot say whether or not the demand for condos will increase due to the tax exemption. There are many factors influencing the demand, personal preference is one of those. Given the tax exemption, but if people prefer living in a house rather than a condo, the demand for condos won’t rise. Thus, it is still uncertain whether people are turning to condos,” said Mr Sorn.

This tax exemption scheme will be effective for only one year from February 2020 to January 2021. This scheme, according to PM Hun Sen, is one of the government policies to help boost the economy given the current crisis caused by the COVID-19 epidemic. (Read more)

In addition to the tax exemption, H.E Kong Vibol, Director General of General Department of Taxation, also urged property developers to lower housing prices and especially interest rates, so that more citizens can afford to buy. (Read More)

• Laws and Regulation