The National Assembly passed an accounting and auditing law which aims to define new guidelines in reporting financial procedures to the Government. This law enacts new principles that fit within international standards. The goal is to have more transparency and accountability in doing business. This new bill shall attract more foreign investors. In case of […]
Ministry of Economy and Finance
Cambodia-Singapore Double Taxation Agreement
Cambodia and Singapore entered into a double taxation avoidance agreement (DTA). This is the first DTA Cambodia has entered into with any country. Residents of each country, whether natural persons or legal entities, will be entitled to certain tax credits and deductions under the DTA, for the purpose of avoiding double taxation. For example, under […]
Availability of import-export information
Another important development is the creation of a ‘National Trade Repository’ website (http://www.cambodiantr.gov.kh/) which is the official source for all regulatory information relevant to traders who wish to import goods into Cambodia or export to other countries. Source.
2016 Law on Financial Management (transition to Real Regime)
Until early 2016 Cambodia had two types of tax system: the ‘real regime’ which requires taxpayers to file monthly and annual tax returns, be open to tax audits, and charge value added tax (VAT) to their clients, and the ‘estimated regime’ which was a legal but more informal method of tax calculation intended for smaller […]
Public Financial Management Reforms
a. Financial Management Information System (FMIS): FMIS Go-Live 1 was launched on 20th July 2015 to improve budget execution, through streamlined and automated payments, revenue receiving (collection and remittance), accounting and reporting in the Central and Provincial Treasuries. The system is installed at MEF departments, the General Department of the National Treasury, and all 24 […]
New Single Window
The Ministry of Economy and Finance launched the National Single Window to facilitate import and export activities, which aims to strengthen government-to-government, government-to-business, and business-to-business relationships. The National Single Window will allow parties involved in trade and transport to lodge standardized information and documents with a single-entry point to fulfill all import, export, and transit-related […]