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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Cambodia's Future Leaders Celebrated as Prime Minister Hun Manet Speaks at Asia-Europe University Graduation | The National Bank of Cambodia and Central Bank of Madagascar seal a partnership to enhance bilateral economic cooperation. | Minister of Health Delivers Lecture on Leadership and Innovation on "Methods of Critical Thinking – Part 2" | BREAKING: Takeo Provincial Court President Dismissed for Premature Release of Murder Convict | BREAKING: Samdech Hun Sen Announces Absence from Senate Plenary Session After Positive COVID-19 Test |

Royal Government Introduces Eight Tax Incentives for Investment Projects in Sihanoukville

  • Posted Jun 20, 2024 09:23 by EAC News
  • 2015
  Aa |   aA

Phnom Penh, June 20, 2024 – To boost economic activity in Cambodia, particularly in Sihanoukville, the Royal Government has introduced eight tax incentives aimed at attracting and encouraging investment in stalled building projects that have been suspended or halted since 2016.

Mr. Trang Lay, Deputy Director of the Enterprise Audit Department of the General Department of Taxation, outlined the eight key tax incentives as follows:

1. Income Tax Exemption: This includes exemptions from monthly income tax and the annual minimum tax for a period of three years.

2. Value Added Tax Exemption: Enterprises providing goods or services for the continuation and completion of stalled buildings will be exempt from value added tax.

3. Withholding Tax Exemption: A five-year withholding tax exemption on real estate leases is available if investors lease the location from an individual for investment in a stalled building.

4. Property Tax Exemption: Investors will be exempt from property tax and administrative sanctions, including all taxes and interest, from 2016 to 2025.

5. Stamp Duty Exemption: Transfers of property ownership will be exempt from stamp duty from 2023 to 2025.

6. Fine and Interest Exemption: Investors proposing projects will be exempt from fines and interest from 2016 to 2024, provided the General Department of Taxation has not yet audited or set the tax.

7. Installment Tax Payment: Housing developers are allowed to pay tax in installments over a period not exceeding 36 months from 2024.

8. Incentives for Tourism: The state will levy tax incentives on the production or promotion of tourism products and destinations in Sihanoukville for 2024 and 2025.

Mr. Trang Lay emphasized that these incentives are designed to provide significant benefits, including tax relief and streamlined procedures, to both Cambodian and foreign investors looking to invest in Sihanoukville.

Notably, many stalled buildings in Sihanoukville have already found new investors to resume construction, and the government continues to seek additional investors for these projects.


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