Legal Update: Prakas on Exemption of Property Tax for Real Property Located in Udong Mechey City of Kampong Speu Province, in Arey Ksat City and in Sampov Poun City of Kandal Province and in Bokor City of Kampot Province
Issue: No. 010P/23– 07 June 2023
On 01 June 2023, the Ministry of Economy and Finance (the “MEF”) issued a Prakas No. 329 SHV.Brk on Exemption of Property Tax for Real Property located in Udong Mechey City of Kampong Speu Province, in Arey Ksat City and in Sampov Poun City of Kandal Province and in Bokor City of Kampot Province (the “Prakas”).
Under this Prakas, the real property located in Udong Mechey City of Kampong Speu Province, in Arey Ksat City and in Sampov Poun City of Kandal Province and in Bokor City of Kampot Province shall be exempted from property tax until the end of year 2023.
All property owners in the abovementioned cities are obliged to register their property at the provincial tax branch or at the Department of Tax on Movable and Immovable Properties of the General Department of Taxation (the “GDT”); and have no obligation to file property tax declaration and pay such property tax until the end of year 2023.
For any property owners who have already paid property tax, they may apply for tax credit to carry forward in subsequent tax year. To benefit this tax credit, the property owners shall submit the request to relevant provincial tax branch or GDT.
Disclaimer
The article is merely for general information purposes. It does not constitute a legal advice on the subject matter. If you have any questions or need any assistance, please feel free to contact us:
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SON Sokeng,
Partner, Managing Director sokeng.son@sithisak-lawoffice.com +855 12 885 870
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He has more than 8 years of professional experiences in corporate, commercial, investment and capital market sector in Cambodia. He has leaded a legal counsel team to advise and assist ACLEDA Bank Plc. in the process of listing on the Cambodia Securities Exchange (CSX). He has been a team member of a legal counsel team to advise and assist in the IPO process of Phnom Penh Autonomous Port (PPAP). He is currently leading a legal counsel to advise and assist in an IPO of a SME for its proposed listing on the growth board of the CSX. |
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Dr. CHHAK Limchheang,
Senior Legal Advisor, Deputy Head of Real Estate and Construction Practice Group limchheang.chhak@sithisak-lawoffice.com +855 89 813 160
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He has several years of professional experiences in real estate-related transaction and construction sector in Cambodia. He has advised local and foreign clients on acquisition and disposal of residential, industrial and commercial properties, on commercial lease, factory perpetual lease, real estate joint venture development and FIDIC agreements. Recently, he led counsel to advise on both real estate and tax issues of real estate development project with an approximate investment portfolio of USD 40 million in Kampot Province. He is currently leading a legal counsel to advise a major domestic company in their joint venture property development with an investment portfolio nearly USD 200 million in Phnom Penh. |
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