PHNOM PENH, Jun. 29, 2010 (Xinhua News Agency) -- Cambodian government is set to launch a new property tax by the end of this year, local media reported on Tuesday, citing officials at the Ministry of Economy and Finance.
Under the Finance for Management Law, passed in November, purchasers of constructions worth more than 100 million riels ( around 25,000 U.S. dollars) will be required to pay an annual tax worth 0.1 percent of property value.
"We are preparing a prakas to establish a committee to evaluate property and we will start implementing tax collection in the end of this year, as the National Assembly requires," Norng Piseth, chief of the Real Estate Division at the Ministry of Economy and Finance was quoted by the Phnom Penh Post as saying.
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