Ministry of Land Management to Set Measures for “land-price Updates”

• 11 October 2018
• Property Focus
• 3139 Views

As land prices increasingly rise across the country, the Ministry of Land Management Urban Planning and Construction (MLMUPC) has announced plans to introduce a “land-price update”, according to an article published by sabay NEWS on 09 October, 2018.

According to the same source, H.E Chea Sophara, Deputy Prime Minister, Ministry of Land Management Urban Planning and Construction (MLMUPC), said: “We [the authority] will provide an update on the land in the geographical area under your management as the head of land in the provinces and city”.

H.E Chea Sophara added that the land price update could be done once a year, and that the measure would double the tax revenue to the government.

The land-price update will act as a base for the General Department of Taxation (GDT) to set a tax rate that is in line with the land prices in the real estate market which is currently booming.

At the same time, the government is also studying the current level of ‘stamp duty’, or property transfer tax rate which is, at present, considered low. In fact, on 15 August, 2018, Prime Minister Samdech Techo Hun Sen urged the Ministry of Economy and Finance (MEF) to revise the country’s ‘stamp duty’, or property transfer tax. Read more

Currently, properties in Cambodia are subject to two major taxes namely stamp duty at 4% and annual property tax at 0.01% of the land price.

• Laws and Regulation