Stamp duty tax exempted for property worth under US$70,000

• 24 February 2020
• Property Focus
• 13483 Views

Stamp duty tax for property worth less than US$70,000 will be exempted for a year, starting from February 2020 to January 2021, according to Prime Minister Samdech Hun Sen.

The exemption will be applied for those property developers who registered at the Ministry of Economy and Finance and the Department of Economy and Finance while the purpose of doing so is to reduce the housing price as low as possible for low to middle-income citizens.

Samdech Hun Sen mentioned the initiative during a special speech regarding the latest situations at the Office of the Council of Ministers on 24 February 2020.

“Houses that are worth less than US$70,000 will be exempted from stamp duty tax. In addition, the remaining affordable housing projects which were initially built to sell to government officers should also be opened for public sale as well,” said Samdech Hun Sen.

“The purpose of the property tax exemption is to help those small and medium property developers as well as the low to middle-income citizens in acquiring their own house,” he added.

At present, stamp duty tax on real estates such as houses, buildings and other types of property is 4%.

• Projects Development