On 12 April 2023, the General Secretariat of Economic and Financial Policy Committee of the Royal Government of Cambodia issued Press Release No. 001 MEF on the Guidelines Regarding Support Measures for the Development of Construction and Borey ("Press Release"). The Press Release announces the introduction of a "support package" for Cambodia's construction and real estate sector, one of the priority sectors of economic growth in the country, to maintain the stability and sustainability of the sector. The support package comprises support measures including the following:
- A continued deferral of the implementation of the phased taxation ("Tax Package"), which is to be paid in instalments, until the end of 2024 for Borey developers ("Developers") that are operating developmental projects with a valid property development licence ("Licence") issued by the Real Estate and Pawnshop Regulator ("Regulator");
- Extension of the payment deadline for the Tax Package for Developers paying a prescribed amount of taxes;
- Exemption of Borey housing development projects from any penalties provided the Developers to comply with their obligations under Prakas No. 089 on the Management of Real Estate Development Business; and
- Deferral of implementation of Prakas No. 563 dated 10 July 2020 on the Auditing of Financial Statements by Independent Auditor issued by the Ministry of Economy and Finance until the end of 2023.
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