Capital Gains Tax to Be Effective in January Next Year
AKP Phnom Penh, August 28, 2020 —
General Department of Taxation (GDT) will start tax collection on capital gains made from any sale of assets and capital investment from January 1, 2021 onward.
In an announcement made public yesterday, the GDT said that the capital gains tax will be applied to all properties and capital investments such as leasing, stocks as well as foreign currencies.
The capital gains tax is 20 percent of capital profit made from the asset sales, stated the announcement.
The implementation of capital gains tax was formerly set for July this year, but it was then suspended to January next year.
The GDT said it is producing related videos to raise people’s awareness on the process of capital gains tax collection.
The GDT collected 6,820.48 billion Riel (approximately US$1,684 million) as tax revenue in the first halt of this year, a year-on-year increase of 12 percent.
By Chea Vannak