The Ministry of Economy and Finance in Cambodia has recently introduced an initiative aimed at promoting economic growth and development in several cities. With the issuance of Prakas No. 329 MEF on June 1, 2023, the ministry has announced a property tax exemption until the end of the year. This move is expected to attract property owners and investors to specific areas, stimulating economic activity and creating new opportunities.
Property Tax Exemption Details:
Under the newly announced Prakas, property owners in Udong Mechey town (Kampong Speu province), Arey Ksat and Sampov Poun town (Kandal province), and Bokor town (Kampot province) are relieved from property tax obligations until the end of 2023. This exemption provides an excellent opportunity for both existing property owners and potential investors to maximize their returns on property investments and reduce their financial burden in the short term.
To benefit from the property tax exemption, property owners must ensure that their properties are registered with the provincial tax branch or the Department of Property and Property Tax within the General Department of Taxation. Proper registration will facilitate the identification of eligible properties and streamline the administration of the tax exemption process.
Promising Infrastructure Developments:
One of the significant factors that enhance the growth potential of these cities is the planned construction of new bridges in strategic locations. The Cambodia-Republic of Korea Friendship Bridge will connect Chroy Changvar to Arey Ksat, providing a vital link between Phnom Penh and Kandal province, and the construction of another bridge from Phnom Penh's Chbar Ampov to Kandal's Lvea Em district. These infrastructure projects will connect key areas and contribute to improved transportation networks, accessibility, and connectivity, further enhancing the attractiveness of these regions for property investments.
If you are seeking properties for rent or sale in Cambodia, there is a wide range of options available to suit your preferences and budget. Contact us now to find out