"I think that we could earn $100 million per year if the ministry managed the revenues properly," SRP lawmaker Son Chhay said
- From: Chim <ChimS1@xxxxxxx>
- Date: Mon, 22 Dec 2008 08:13:11 -0800 (PST)
Land tax collection up over '07
Written by Chun Sophal and Hor Hab
Monday, 22 December 2008
But a falling property market could cut revenues in 2009
THE government collected a record US$28 million in land taxes in the
first nine months of 2008, compared with $21.2 million received in all
of 2007, a senior minister said last week.
The government collects a four percent tax on land sales.
Im Chhun Lim, minister of land management, urban planning and
construction, told the Post that the gains were mostly from a strong
construction sector in the first half of the year.
He warned, however, that the global economic crisis and a falling
property market in the second half could bring down next year's
revenues.
"We earned more income from land duties this year because of booming
construction in the first half of 2008," Im Chhun Lim said.
From 2004 to 2007, Cambodia earned a total of about $40 million fromland taxes, and officials say the increased collection shows progress
over corruption.
Non-transparent
But Sam Rainsy Party lawmaker Son Chhay said that the reported figures
are much lower than the actual amount collected by the ministry.
"I think that we could earn $100 million per year if the ministry
managed the revenues properly," he said.
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We earned more income ... this year because of booming construction.
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He added that only about 35 percent of taxes are collected by the
government, and that corruption and mismanagement is robbing the state
of much-needed funds.
"The ministry should not use the global financial crisis as an excuse
to explain any revenue shortfalls," Son Chhay said.
"I think that the income from land duties will not drop to below
current income, although the construction sector has dropped 30
percent due to the global financial crisis," he said.
He added that better tax collection could help offset the
government's 30 percent budget increase for 2009.
Cheng Kheng, managing director of Cambodia Properties Ltd, said the
government's figures are high because land prices went up for the
first three months of 2008. He expected a drop next year.
"I think the income will decrease next year if the current situation
lasts long," Cheng Kheng said.
.
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