Property Sector Contributed Millions of Dollars to Cambodia in 2018

• 31 October 2018
• Property Focus
• 1299 Views

The robust performance of the property sector has generated millions of dollars to Cambodia in 2018, according to the General Department of Taxation (GDT).

H.E Kong Vibol, Delegate of Royal Government of Cambodia, In Charge as Director General of General Department of Taxation (GDT) told reporters at the recent ‘Tax Forum’ that property tax collection in 2018 is very strong compared to last year.

“Property tax collection is more than last year by around 30%, especially stamp duty tax” he said, while adding that this was driven by people’s confidence in the property business.

“Property business has grown significantly even though this is an election year… people are confident that land prices will be going up” he said.

In fact, according to the General Director, as of 24October, 2018, GDT had completed 96.30% of its tax collection target, equivalent to about US$1,852 millionof which property taxes contributed up to 15%, about US$277 million, of the total revenue.

• Business and Market