Capital Gain Tax Implementation Delayed to 2022
AKP Phnom Penh, October 22, 2020 --
General Department of Taxation (GDT) at the Ministry of Economy and Finance has announced that the implementation of capital gain tax, which has been previously set to begin in early 2021, has been delayed for one year.
In an announcement issued on Oct. 22, GDT said that Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, has agreed to postpone the collection of capital gain tax for a year until the end of 2021.
The capital gain tax will be collected from any sale of a certain assets including land, buildings, stocks, bonds, patents and currencies.
H.E. Kong Vibol, Director General of GDT, has recently explained that the collection of capital gain tax does not mean to ‘oppress the people’, but to promote tax fairness and encourage real estate companies to register with the GDT. Only 20 percent of the capital gains will be taxed (20 percent), he underlined.
GDT said it is producing related videos to raise people’s awareness on the process of capital gains tax collection.
By Chea Vannak