Property Tax to Generate $6M for Phnom Penh

Phnom Penh City Hall has estimated it could receive about $6 million in revenue next year from property tax collection, which started recently. City Hall released some tax calculation methods on its website last week and said that “based on the estimation of the technical officers, the income from this new tax for 2011-2012 would be about $6 million.” The government has announced it will assess property value based on location, size, materials, age and style. The tax affects property valued at more than $25,000, with several exemptions such as agricultural land, foreign embassies and state property.