Logo of Phnom Penh Post newspaper Phnom Penh Post - Property tax target set for the capital

Property tax target set for the capital

Property tax target set for the capital

THE Municipality of Phnom Penh aims to collect US$12 million in property taxes in the first year, with the funds earmarked for city improvements, Governor Kep Chuktema said.

“Our city is more developed, but it is not enough. We need a larger budget to develop a lot of projects in the city, to compete with other cities in Asia,” said Kep Chuktema on Wednesday.

“If we do not try to collect more profit, we will face a large problem,” he said.

Announced in 2009, the 0.1 percent annual tax applies to real estate with a valuation of more than 100 million riel (US$24,510), with a few exemptions. Properties are expected to be registered by September, with 2012 as the first full year of property tax collection, he said.

Developers said they supported collecting property taxes, but called for transparency on how the funds were collected and spent.

Khneg Ser, assistant to the management team of the proposed $2 billion Camko City satellite project, said it was in line with practices in most countries.

“I think we should implement this tax, as [the funds will] contribute to increased economic growth in Cambodia,” he said. “We support it, and will follow as the government requires.”

He added the government should ensure that all eligible property owners and housing developers pay the applicable taxes.

However, some voiced opposition to the state-ordered property taxes, saying it would hit a property sector still in recovery.

Dangkor district land owner Cheap Sareth said he felt it was too early for the government to begin collecting property taxes.

“The government is moving too early to collect tax on property while the country is still recovering from the global economic crisis,” he said.

MOST VIEWED

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post

  • Residence cards set for over 80,000 immigrants

    The Ministry of Interior plans to grant residence cards to more than 80,000 immigrants to better keep track of them. The ministry announced the plan on July 10, following the results of an immigration census. “An inter-ministerial committee and many operational working groups have been set up

  • Fifteen Cambodians from Saudi get Covid-19

    The Ministry of Health on Sunday confirmed 15 more imported cases of Covid. The 15 men ‒ all Cambodian aged 21 to 33 ‒ arrived from Saudi Arabia on Friday via a connecting flight in Malaysia. They were travelling with 79 other passengers, three of them women. The ministry said 80 of the

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Vietnamese workers in Koh Kong questioned

    The General Department of Immigration (GDI) is questioning 49 Vietnamese nationals who were working illegally in Koh Kong province to build a case and send them back to Vietnam, its Department of Investigation and Procedure director Kem Sarin said on Thursday. GDI forces and provincial authorities

  • Preah Vihear court drops charges against villagers

    The Preah Vihear Provincial Court has dropped all charges against eight ethnic Kuoy villagers who were in a land dispute with the Hengfu Group Sugar Industry Co Ltd since 2014. Wednesday’s decision was made by the judge who tried the case on June 10. The eight

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism