The General Department of Taxation (GDT) Cambodia has once again announced the second postponement of 2015 tax payment for real estate by setting a new deadline to the end of November this year.
The announcement letter signed on October 30 by H.E. Kong Vibol, Director General of the General Department of Taxation, stated that the general department has learnt that during the first postponement until October 31, there had been many landlords who started paying their tax, while some others have not yet paid the tax for 2015.
To ease the process of the payment and to make it faster for the landlords, the general department of taxation has then decided to delay the deadline for tax paying and introduced the option to settle the tax debt in every branch of ACLEDA Bank Plc and Canadia Bank Plc near the property.
The department has also warned that in case the remaining landlords resist paying the tax or pay later than the postponed deadline, they will be punished by paying the tax together with a fine in accordance to the tax law.
A September press release from the General Department of Taxation states that over the past nine months of this year, the total amount of tax payment the department has collected was 3,989,245,91 riels (equal to about $997,31 million), reaching about 85.62 per cent of the target mentioned in the 2015 financial budget.
The report did not state what share collected taxes from the real estate sector contributed. It did however say that of the six clearly defined reform targets on taxation to increase tax revenue for the Cambodian government two focus on the construction and the real estate sector. The General Department of Taxation could not be reached for a comment on a possible further delay or how reform targets could be affected before editorial deadline.