Wednesday, 26 January 2011

Cambodia looks to up property tax revenues

via CAAI

Kanchana Paha
Jan 25, 2011

The Cambodian government would like to earn more revenue from property-related taxes in 2011.

The Ministry of Land Management, Urban Planning, and Construction’s spokewoman Nun Pheany said that an increase in activity in the property sector generated increased revenues last year.

According to the latest figures from the Ministry, tax revenues from transferring, leasing, and selling property increased by 60 per cent over the past year. Over US$19 million was collected in 2010, up from US$12.16 million in 2009.

“We hope tax revenue will gradually increase in 2011 due to people’s confidence in today’s economic stability, which will allow them to expand their property businesses such as transferring, leasing, and selling property,” said Nun Pheany.

As reported in the The Phnom Penh Post, the National Valuers Association of Cambodia’s president Sung Bonna also agreed with the ministry that property transactions were on an upturn.

He pointed that agricultural development would likely create more activity in the property sector through increased buying and selling in 2011. He said: “We are seeing growth in property business actively starting from January, and this is a positive sign indicating that our property business is recovering.”

In terms of the price, the National Valuers Association says that Cambodian property prices have not returned to pre-crisis levels yet.

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