Collection of stamp duty on property transfers increases by 60%

• 13 September 2019
• Local News
• 4020 Views

The General Department of Taxation has collected almost US$2 billion in tax revenue over an eight-month period with stamp duty on property transfers seeing the sharpest increase.

According to a GDT press release dated 12 September, the department collected US$1,952 million, achieving about 85.33% of the national plan. This shows an increase of about 29.89% compared to the US$449 million collected within the same period last year.

Among the major taxes, stamp duty on property transfers increased by 60.18% followed by special tax by 26.61% and 25.89% for profit tax while there was a 16.12% for income tax.

In addition, the GDT said it will continue to pay attention to the management of the property tax collection for 2019.

In October 2018, GDT collected about US$1,852 million of which property taxes contributed up to 15%, about US$277 million, of the total revenue. (Read more)

In July the government began imposing a new tax base for stamp duty tax to increase tax revenue and match the growth in the real estate sector in Cambodia. (Read more)

 

• Economy and Finance