Property Tax Update: Important for ALL Cambodian-Property owners

According to a recent August 5th 2016 “Reminder Notification from the General Department of Taxation to Property Owners to Comply with Prakas No. 493 SHV. BrK concerning Property Tax Collection” all property owners in Cambodia need to be aware of their annual property tax obligation. The reminder states that payment for annual property tax is due no later than 30th September, 2016. Anthony Galliano, ceo of Cambodia Investment Management, notes that, “Although the obligation for all property owners to make an annual payment of property tax was reinforced since Prakas  NO. 493, dated 19th July, 2010, there is still a degree of non-compliance and outright avoidance. Being a non-corporate tax, this is one of the very few direct personal taxes, and the average Khmer remains reluctant, making enforcement within the general population much more complicated.” Nevertheless, the tax should be paid, and non-compliance is increasingly being punished. In the “Reminder Notification” the GDT notes it has observed that some property owners have failed to comply with this annual tax obligation and the GDT encourages those property owners to pay the property tax by the approaching deadline. Failure to do so in punishable by law. Learn more about Cambodia property tax today on Realestate.com.kh!