Before I was happy to have never paid Cambodian property tax. Now I worry.
Please do correct my calculations. I'm not very sure how this works.
Assume the property you bought in 1995 for $10K is now worth $200K. Also assume the tax man, a' la Cambodia Daily, simply states the property value was 50k first 5 years, 100K next 5 years, and, why not, 200K next 15 years, 2005 to 2020. It seems to me your owed property tax would be just $3,750. Annoying but not very painful. Then, if you sold it tomorrow for 200k (good luck) the Capital Gain is 190K taxed at 20%, so in total you owe the tax man $41,000. Sounds fair! (Lucky you didn't buy it in 1994 for $2,000!) And you would be indeed unfortunate if back in 2000, you spent 30K to build a house on it, and that house now boosts the total property value by another 100K, then you would owe His Excellency K Vibol $61,000 upon sale. (Surely that's about the tax we all pay for his Aussie villa's and estates?)
Might VAT be also owing? Any other taxes?
Some countries don't charge Capital Gains tax on land/ structures used as primary dwelling. Anyone know about Cambodia?
(I have no desire to sell land in the next few years, but just wondering if I should take up biting my finger nails.)
Below $24,225, value, no property tax. Otherwise, 0.1% per annum
So you want 200k for it. Is that negotiable?
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