Property Registration Tax below $ 70,000 will be waived this February

Registration taxes for buyers of properties priced below US $ 70,000 will be waived for one year from February 2020 to January 2021 for registered housing developers.In addition, the Royal Government is calling on all housing developers to lower their housing prices as efficiently as possible,according to Prime Minister Hun Sen's announcement.

Prime Minister Hun Sen said this in a special message to all Cambodians regarding the latest situation at the Peace Palace of the Council of Ministers on Monday, February 24, 2020.

Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen addresses the fifth point of support measures for potential sectors , at this Registration Tax point , Samdech Hun Sen said:"waived for homes below $ 70,000".

Samdech continued:"Beside that the homes that have been sold for a suitable price and sold to civil servants have not yet sold out.  now are opened to sell to normal people. At the same time, homes worth $ 100,000 or more will be taxable, but if the house sells for $ 40,000 to $ 60,000 When to start making a purchase ,there is no tax registration".

The purpose of the tax exemption, he said, is to make it possible for those who own a medium-sized property development, along with those with middle incomes, to afford cheap and tax-free housing.

It should be emphasized that a property registration tax on real estate such as land,houses, buildings and other types of property is imposed at the rate of 4% on the transfer of ownership or possession of real estate property in the form of the sale,donation or shares in real estate to the company or in other ways with the transfer of ownership of the property.(This news came construction-property.com)