Cambodia Strengthens Investment Climate with New Tax Law Approval

In a momentous move that underscores Cambodia’s commitment to fostering a favorable investment climate, the draft tax law has been officially approved and promulgated, garnering the signature of the esteemed King of the Kingdom of Cambodia on 16th May 2023.

This new legislation comprises 20 comprehensive chapters and 255 articles, meticulously designed to facilitate, improve, and address gaps while ensuring consistency with evolving socio-economic developments and the dynamic business landscape.

The implementation of the new tax law is poised to make significant contributions to the growth and enhancement of Cambodia’s business sector. By nurturing a more favorable investment environment, it will attract increased private investment, bolster fiscal compliance, foster fair competition, and empower the nation’s economic progress.

Coinciding with this pivotal moment, the Public Procurement Law has also been enacted, featuring 15 chapters and 87 articles. This landmark legislation establishes crucial principles for the clear delineation of roles and responsibilities between the procurement management and enforcement bodies. Moreover, it emphasizes the seamless transfer of authority and procurement responsibilities to implementing institutions, fortifies acquisition mechanisms, and introduces a robust complaint resolution framework, underpinned by a comprehensive punitive regime.

Under the guidance of Samdech Heng Samrin, President of the National Assembly, the ninth session of the National Assembly of the sixth legislature convened on Wednesday, 19th April 2023. During this auspicious gathering, three draft laws were discussed and approved, including the draft law on public procurement and the draft law on the approval of the border trade agreement between the Government of the Kingdom of Cambodia and the Government of the Socialist Republic of Vietnam. These legislative measures hold immense significance in advancing the nation’s development, bolstering trade, economy, and society, as well as nurturing cooperation with neighboring countries.

The new draft tax law stands as a testament to Cambodia’s progressive approach in aligning its legal framework with evolving socio-economic dynamics. By streamlining processes, reinforcing fiscal compliance, and promoting a conducive investment climate, Cambodia demonstrates its unwavering commitment to driving sustainable growth and fostering prosperous business opportunities for both local and international investors.

- Video Advertisement -

Related Post

Cambodian Gov’t Extends Stamp Duty Exemption on Homes Up to USD 70,000 Until the End of 2025

The Ministry of Economy and Finance has announced an extension of the stamp duty exemption for the transfer of ownership or possession of all types of Borey housing valued at USD 70,000 or less, continuing this benefit until the end of 2025. This initiative aims to stimulate the real estate market by offering substantial tax […]

Tycoon Ly Yong Phat’s Hydropower Company Suspended for Environmental Violations in Pursat and Koh Kong

The Ministry of Environment has temporarily suspended all activities of Stung Meteuk Hydropower, a company owned by Tycoon Ly Yong Phat, in Pursat and Koh Kong provinces due to multiple environmental violations and non-compliance with legal requirements. The suspension was confirmed in a letter from the Ministry, dated 2 September 2024. The decision stems from […]

South Korea’s Mugungwha Trust Targets Investment in Cambodia’s Expanding Trust Sector

Mugungwha Trust Co., Ltd., a leading South Korean trust company, has announced plans to invest in Cambodia’s trust sector, aiming to contribute to the country’s economic growth and sector expansion. The company’s President, Mr. Oh Chang-seok, expressed this commitment during a meeting with Samdech Techo Hun Sen on 10 September 2024 in Seoul, Republic of […]

GDT Sets Property Tax Deadline for 30 September 2024

The General Department of Taxation (GDT) has reminded all property owners to fulfil their property and land tax obligations by 30 September 2024. The announcement, made on 31 July 2024, , emphasises the critical importance of meeting this deadline to ensure a smooth tax collection process. To facilitate efficient tax payments, the GDT encourages property […]

Cambodian Senate Approves Landmark Air Transport Law to Boost Aviation Sector

In a significant move to bolster Cambodia’s aviation industry, the Senate has unanimously approved the draft law on international air transport. The approval, achieved with 56 out of 56 votes during the extraordinary session of the Senate of the 5th legislature, was held under the chairmanship of Samdech Techo Hun Sen on 31 July 2024. […]

The Gov’t Establishes Special Task Force to Expedite Tax Audits

In a decisive move to enhance the business and investment environment, the Cambodian government has established a special tax audit unit under the General Department of Taxation of the Ministry of Economy and Finance. This unit aims to expedite the resolution of tax audit issues and ensure compliance with existing laws and regulations. The decision […]