PHNOM PENH (Cambodia Herald) - The government has collected almost $12 million from its new property tax, an official at the General Department of Taxation said Thursday.
The official said the department raised $11.9 million from 113,855 properties.
Sung Bonna, president of Bonna Realty Group, said the tax was likely to increase next year. "The property tax is acceptable. It's an equity tax and a small amount. It won't affect the real estate market," he said.
However, he suggested the government should instead focus more on the two percent tax for unused land rather than its 0.1 percent property tax.
In late 2010, the government announced plans for the nationwide tax on property worth more than $25,000, excluding state and agricultural property. Due to a lack of public information, it delayed the collection deadline until the end of last month.
The official said the department raised $11.9 million from 113,855 properties.
Sung Bonna, president of Bonna Realty Group, said the tax was likely to increase next year. "The property tax is acceptable. It's an equity tax and a small amount. It won't affect the real estate market," he said.
However, he suggested the government should instead focus more on the two percent tax for unused land rather than its 0.1 percent property tax.
In late 2010, the government announced plans for the nationwide tax on property worth more than $25,000, excluding state and agricultural property. Due to a lack of public information, it delayed the collection deadline until the end of last month.
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