PHNOM PENH, May 26 (Xinhua) -- Phnom Penh, the capital of Cambodia, will begin to collect the first-ever annual land tax from September this year, the governor Kep Chuk Tema said on Thursday, estimating the city can earn up to 12 million U.S. dollars in tax revenues in the first year.
“The tax on land is one of the main sources of revenues to increase the country’s national budget,” he said. “The tax collection will begin in September.”
In a bid to increase the state’s revenues, in November 2009, the National Assembly passed the first-ever law for a tax on all real estate, including land, houses, apartments, and other infrastructure constructed on that land.
The law will be implemented from this year.
Under the law, the property tax will be an annual payment calculated as 0.1 percent of the value of the property as estimated by a evaluation committee, based on market prices. Only those properties worth 100 million riel, (25, 000 U.S.D.) or more will be taxed. (Nguon Sovan)
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