The Cambodian government has allocated $100 million to establish the SME Bank to support small businesses in Cambodia. SME Bank will focus on several sectors, including manufacturing, tourism, food processing, and tech startups. According to Ministry of Industry and Handicrafts, Cambodia has about 520,000 SMEs; however, about 150,000 of them are registered manufacturers. While micro-enterprises […]
Ministry of Economy and Finance
Agreement on Double Taxation with South Korea
Cambodia has signed agreement with South Korea on an agreement to avoid double taxation on income and prevent tax evasion, and that it will attract more investors from Korea to Cambodia. To date, Cambodia has signed similar agreements with nearly ten countries, including U.S., Canada, China, Japan, Singapore, and Vietnam. Within the first 10 months […]
Mobile app on Cambodia Customs Tariff
General Department of Customs and Excise created and launched an app for the public. The app allows the public to access the information on Cambodia customs tariff. For Android user: link For IOS user: link
Efforts to enhance awareness of Customs procedures
In response to feedback provided through the Customs-Private Sector Partnership Mechanism, the General Department of Customs and Excise issued Prakas 1155 AKR which, amongst other provisions, requires customs units to publically post their working procedures, standards and timeframes, requires the Department of Planning, Techniques and International Affairs to enhance as comprehensively as possible the coverage […]
New Tax Stamp for Cigarette Pack
The General Department of Taxation has issued a new tax stamp for cigarette pack to ensure efficiency of collecting tax revenue. The new stamp will help to prevent fraudulent tax stamps in the market, leading to loss of national income. The new stamp has QR code that displays the company’s information. Source.
New Prakas on taxation procedure.
The General Department of Taxation (GDT) issued a new Prakas on taxation procedure. It aims to reduce lack of transparency and forms of inconsistency in taxes collection process, by providing clear guidelines on administration requirements and processing timeframes. Formerly, companies earning less than 125.000 USD per year from the sale of goods would fall under […]
Enhanced private sector participation
A new General Department of Taxation (GDT)-Private Sector Partnership mechanism has been created in 2016 and is demonstrative of the department’s willingness to further collaborate with the private sector in enhancing understanding of tax legislation, its interpretation and implementation.
Online tax payment facility
The General Department of Taxation has introduced a new centralized process for tax registration and payments that includes online options. The previous tax databases were dispersed between the Ministry of Commerce and various others, which made it difficult for taxation officials to compile reports and manage tax revenue because registration was done at different places. […]
New Accounting and Auditing Law.
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 […]
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 […]