October 31 the new deadline for payment of property tax
October 31 the new deadline for payment of property tax
The Ministry of Economy and Finance’s General Department of Taxation (GDT) has postponed property tax payments for one month to allow owners who have not yet declared tax to fulfil their obligation.
A press release obtained by The Post on Monday, said the department has postponed the deadline until October 31 to assist owners who are willing to fulfil the obligation but have yet to declare.
The department noted some property owners have not yet fulfilled their tax declaration obligations. Taxpayers are required to pay the tax no later than September 30.
“The General Department of Taxation strongly hopes that during this tax deferral, all property owners will hurry to declare their taxes on time as per the deadline,” according to the press release.
Advance Real Estate Co Ltd founder and CEO Po Eavkong told The Post on Monday the decision to postpone this tax is an additional opportunity for taxpayers to declare tax with the General Department of Taxation.
However, he said the department should delay the payment until the end of this year.
“I think it would be good to encourage those who have not yet paid their taxes to come and declare their annual property taxes, but the State should postpone it until the end of the year due to the Covid-19 disease.
“The complexity of completing the forms for the tax filing is also an obstacle for taxpayers,” he said.
The GDT collected $1.9 billion in the first seven months of this year, equivalent to 65.89 per cent of the annual plan and an increase of $165.46 million, or 9.6 per cent over last year, its data show.
The increase stemmed from a value-added tax boost of 3.17 per cent and a 22.71 per cent gain in income tax.
GDT director-general Kong Vibol said to ensure the effective collection of tax revenue of $2.9 billion as planned this year, the department is strictly and effectively implementing the government’s reform policy.
