CAPITAL GAINS TAX JAN 2021
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CAPITAL GAINS TAX JAN 2021
From the khmertimes today
I'd like to see more detail on that 20% of total value of property sale. Perhaps they mean 20% of the profit from the sale ? I think thats what land holding companies pay now ?
https://www.khmertimeskh.com/50757704/c ... ct-in-jan/Capital gains tax will apply to all properties and other capital investments such as leasing, stocks as well as foreign currency. It applies to any profits made by transactions within these areas.
Vibol said the idea of a capital gains tax system was first introduced in 2010 and 10 years should have been enough to implement it.
“In some countries, such as France and Australia, the maximum rate of the tax is between 40 and 60 percent, but, for Cambodia, the procedure remains too complicated for both taxpayers and GDT officials,” he said.
According to the directive, the rate of capital gains tax will be fixed at 20 percent of the total value of a property sale.
I'd like to see more detail on that 20% of total value of property sale. Perhaps they mean 20% of the profit from the sale ? I think thats what land holding companies pay now ?
- Bitte_Kein_Lexus
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Re: CAPITAL GAINS TAX JAN 2021
That's either going to drive prices even higher, or make people angry. People will just make fake statements. At least if people knew the money was put to good use... Could put a stop to speculation though, which is good.
Ex Bitteeinbit/LexusSchmexus
- canucklhead
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Re: CAPITAL GAINS TAX JAN 2021
Wonder if primary dwellings exempt?
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Re: CAPITAL GAINS TAX JAN 2021
Given the massive amount of "Land Banking" in Cambodia a CGT could significantly help to lower the price of land per sq m outside of cities, by bringing land on to the market at realistic prices prior to introduction of this long overdue tax. Of course tax avoidance is the national pastime of Cambodia so we shall have to wait and see. It's usually been cheaper to pay the tax men than to pay the tax.
OML
OML
Re: CAPITAL GAINS TAX JAN 2021
Tax avoiding is a national pastime in every country.
Capital gains tax in Australia is only based on 50 percent of the profits and then becomes part of the person's income for that year,so if only a small capital gain and someone with little income may not need to pay any capital tax at all and nowhere near 20%, comparing it to Australia is false.
Capital gains tax in Australia is only based on 50 percent of the profits and then becomes part of the person's income for that year,so if only a small capital gain and someone with little income may not need to pay any capital tax at all and nowhere near 20%, comparing it to Australia is false.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
- phuketrichard
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Re: CAPITAL GAINS TAX JAN 2021
I just brought a piece of land (medical sale) in Kep, the owner wanted us to agree to mark the purchase price down 35%Bitte_Kein_Lexus wrote: ↑Fri Aug 28, 2020 10:04 am That's either going to drive prices even higher, or make people angry. People will just make fake statements. At least if people knew the money was put to good use... Could put a stop to speculation though, which is good.
Seems it is a very common occurrence.
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
Re: CAPITAL GAINS TAX JAN 2021
And if you ever sell it then will do the same?phuketrichard wrote: ↑Sat Aug 29, 2020 2:30 pmI just brought a piece of land (medical sale) in Kep, the owner wanted us to agree to mark the purchase price down 35%Bitte_Kein_Lexus wrote: ↑Fri Aug 28, 2020 10:04 am That's either going to drive prices even higher, or make people angry. People will just make fake statements. At least if people knew the money was put to good use... Could put a stop to speculation though, which is good.
Seems it is a very common occurrence.
Don’t listen to Chinese whispers.
Re: CAPITAL GAINS TAX JAN 2021
Same as when you buy a car in Australia less stamp duty if you reduce the official sales price.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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Re: CAPITAL GAINS TAX JAN 2021
October 22, 2020
Capital gains tax to be delayed until January 2022
The government is to delay implementing capital gains tax until January 2022, according to a statement from the General Department of Taxation.
“The GDT of the Ministry of Economy and Finance is to inform the taxpayers and public that according to the letter of the Ministry of Economy and Finance it proposed the delay of the implementation of capital gains tax, which Prime Minister HE approved on October 9, 2020,” the statement read.
The statement noted the government has decided to delay the date of the implementation of capital gains tax for one year until the end of 2021 in order to give enough time for taxpayers and the public to comprehensively understand the regulations regarding it as well as the preparedness to implement it smoothly and effectively.
https://www.khmertimeskh.com/50775996/c ... uary-2022/
Capital gains tax to be delayed until January 2022
The government is to delay implementing capital gains tax until January 2022, according to a statement from the General Department of Taxation.
“The GDT of the Ministry of Economy and Finance is to inform the taxpayers and public that according to the letter of the Ministry of Economy and Finance it proposed the delay of the implementation of capital gains tax, which Prime Minister HE approved on October 9, 2020,” the statement read.
The statement noted the government has decided to delay the date of the implementation of capital gains tax for one year until the end of 2021 in order to give enough time for taxpayers and the public to comprehensively understand the regulations regarding it as well as the preparedness to implement it smoothly and effectively.
https://www.khmertimeskh.com/50775996/c ... uary-2022/
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- canucklhead
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Re: CAPITAL GAINS TAX JAN 2021
Funny this news now. I was thinking about it this morning myself wondering how they would implement it. Obviously they havent a clue. Most transactions at the Sangkat level are not recorded or saved on any system as far as I have seen. Any bill of sale is between the two parties involved and the Sangkat is only involved in changing the title. The purchase price is not recorded on the title. Any hard titled land registered with the land registry of course is easy to track.
Easy workaround for those of us with soft titles.
Easy workaround for those of us with soft titles.
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