PHNOM PENH, Jun. 29, 2010 (Xinhua News Agency) -- Cambodian government is set to launch a new property tax by the end of this year, local media reported on Tuesday, citing officials at the Ministry of Economy and Finance.
Under the Finance for Management Law, passed in November, purchasers of constructions worth more than 100 million riels ( around 25,000 U.S. dollars) will be required to pay an annual tax worth 0.1 percent of property value.
"We are preparing a prakas to establish a committee to evaluate property and we will start implementing tax collection in the end of this year, as the National Assembly requires," Norng Piseth, chief of the Real Estate Division at the Ministry of Economy and Finance was quoted by the Phnom Penh Post as saying.
"It is very important for increasing national income," he added.
Although the new levy is not expected to raise large amounts of additional funds, as Minister of Finance Keat Chhon has estimated tax revenue would be between 3 million U.S. dollars and 9 million U.S. dollars, the government has voiced its ambition to improve tax administration.
About 180,000 houses that are under municipal and provincial administration would be covered under the new property tax, according to Hang Chuon Naron, secretary of state of the Finance Ministry.
Under the Finance for Management Law, passed in November, purchasers of constructions worth more than 100 million riels ( around 25,000 U.S. dollars) will be required to pay an annual tax worth 0.1 percent of property value.
"We are preparing a prakas to establish a committee to evaluate property and we will start implementing tax collection in the end of this year, as the National Assembly requires," Norng Piseth, chief of the Real Estate Division at the Ministry of Economy and Finance was quoted by the Phnom Penh Post as saying.
"It is very important for increasing national income," he added.
Although the new levy is not expected to raise large amounts of additional funds, as Minister of Finance Keat Chhon has estimated tax revenue would be between 3 million U.S. dollars and 9 million U.S. dollars, the government has voiced its ambition to improve tax administration.
About 180,000 houses that are under municipal and provincial administration would be covered under the new property tax, according to Hang Chuon Naron, secretary of state of the Finance Ministry.
9 comments:
Without appropriate taxing I don't think Cambodia can manage to survive. Are they foreign aids dependent for life?
Higher tax rates for city dwellers base on the property value and lowest rate for countryside residents.
this bad government is developing a nother pocketing property tax money from innocent people and act of eviction later while they want people's lands. look at national road n.6A and lot of example. this is unresponsible government, too bad too bad too bad
it's about time; what took so long already? you know, cambodia tax system, if properly managed, will offer support to the many social services the country lacks like healthcare reforms, social justice reforms, providing housing for disadvanataged students, the elderly, the disabled and others welfare system that must be created to help cambodia's weakest links to become stronger because we are only as strong as our weakest links. we must fix all defects in cambodia. people need clean water, electricity, and so forth. i think it is gov't's responsibility to provide for the people and country. that's how leaders should be focusing on, ways to improve or reform cambodia much needed services so we can better provide for the people of cambodia, etc... that is the bright future of our country. we cannot ignore these issues if we to make our country grow both economically and socially and so forth. so, all future leaders have that obligation to fix cambodia and ingrain in every khmer people this kind of thinking or mentality, etc... god bless.
like in america, every home owner pays property taxes. it will help cambodia to reform its social services a lot. don't you want people to stop begging, then one solution is to manage the nation's tax system properly and so forth, ok! of course, we know that everything new in cambodia will face a road block, but who to decide?
8:33pm! MP SHOULD USE THEIR BRAINE!
8:33 PM REALLY!
past: Hun Xen sold chickens!
present: Hun Xen sold lands!
Sam Rainsy had implement the tax system in Cambodia when he was the financial minister. The CPP didn’t like the Sam Rainsy’s central control of tax collection because the CPP wanted to hide their corruptive activities. This new property tax is just another source that CPP can plunder now because the financial minister Keat Chhorn is one of CPP member. Don’t expect any better social services soon until these criminals are removed from the government coffer.
This is what you called tax with representation! Just keep paying and what you get in return?
Show me the tax money is being used for the good of Khmer society!
Under Hun Sen Vietcong puppet regime only the dirt poor Cambodian people pay taxes but the CPP tycoon such Lao Meng Khin
and the big Vietcong businesses such Tin Bien company that robbed 8,100-hectare of land from dirt poor Cambodian people don't need to pay taxes.
Post a Comment