Prime Minister Hun Sen announcement for Stamp duty relief on Real estate property below $70,000.
Cambodia’s Prime Minister Hun Sen on Monday pledged to waived stamp duty for buyers of properties priced below US $ 70,000 for one year from February 2020 to January 2021 for registered real estate developer with MEF and Department of economy and Finance In addition, the Royal Government is calling on all housing developers to lower their housing prices as efficiently as possible.
Prime Minister Hun Sen said this is a special message to all Cambodians regarding the latest situation at the Peace Palace of the Council of Ministers on Monday, February 24, 2020. He said that “This is the fifth measure of support for the potential sectors in terms of the tariff threshold, the exemption shall be based on housing costing less than US $ 70,000, and that’s included condo as well.
The purpose of the tax exemption, he added, is to make it possible for those who wanted to own medium-sized properties, along with those with middle incomes, to afford cheap and tax-free housing.
Significantly, the property tax on real estate such as houses, buildings and other types of property is set at the rate of 4% on the matter of ownership transference or possession of real estate property in the form of a sale, donation, or in any other ownership transference related manners, the relief is set on effective on the date of transference occur.