The General Department of Taxation (GDT) has issued a fresh call for property owners nationwide to declare and pay their immovable property and unused land taxes for 2022 on or before September 30 to avoid legal penalties.
In a July 12 notice, the GDT asked taxpayers to settle their tax obligations promptly to avoid the last-minute rush, at the department or the provincial or district branches corresponding to the locality where the assets are located, or at any participating banks.
Cambodian Valuers and Estate Agents Association (CVEA) president Chrek Soknim commented that the annual declaration and payment of immovable property and unused land taxes is a property owner’s “inescapable obligation” and an “essential” means of working with the government to revive the national economy, no matter the circumstances.
Soknim told The Post on July 14 that local real estate transactions seem to be in slow gear, whereas those in the land segment are seen to be the most active, in trends he attributed to the scant share of foreigners among investors. Despite the slowdown, he rubbished claims that the real estate sector was in a slump.
Likewise, Noun Rithy, president and CEO of real estate investment agency Khmer Foundation Appraisals Co Ltd, called on property owners to properly fulfill their tax obligations on time to avoid fines.
“Annual tax payments are not a form of pressure or a heavy burden, and the state has yet to raise any of the related taxes. On the contrary,it’s only offered delays and relief to ease the plight of the people in these trying times,” he told The Post on July 14.
The GDT recently reported that it collected 6.99406 trillion riel ($1.72693 billion) in tax revenue over the January-May period, marking a 1.52630 trillion riel or 27.9 per cent rise year-on-year and corresponding to 61.25 per cent of the full-year target of nearly 11.42 trillion riel.