- Instruction 014 MEF.N, Prakas 576, and Prakas 573 issued in September and October 2024 clarify the implementation, incentives and exemptions for Tax on Immovable Property, Unused Land Tax and Capital Gains Tax.
- With respect to Tax on Immovable Property (TIM) the key updates relate to an amnesty for registration and underdeclared tax of TIM and exemptions that relate to agricultural use of the immovable property.
- With respect to Unused Land Tax (TUL) the key updates relate to the five hectare exemption and the implementation date of 1 January 2025.
- With respect to Capital Gains Tax (CGT) the key update relates to the extension of the implementation date of CGT on immovable property for physical persons until 31 December 2025.
The Detail:
Notification 014 MEF.N on the continuance and extension of tax incentives for the real estate sector was issued by the Ministry of Economy and Finance on the 9th of October 2024 (Notification 014).
Notification 014 implements aspects of the speech of Prime Minister Hun Manet that took place during the 7th Mandate of the National Assembly on August 22, 2024, and the remarks of the Prime Minister dated September 26, 2024, on Letter No. 10571 MEF., dated September 24, 2024, of the Ministry of Economy and Finance to reduce the tax burden on housing developers and property owners.
In addition to Notification 014 the Ministry of Economy and Finance issued Prakas 576 on Immovable Property Tax and Prakas 573 on Unused Land Tax on the 19th of September 2024.
- Tax on Immovable Property (TIM)
- Tax on Unused Land (TUL)
- Tax on Capital Gains
- Exemptions
