Economy and Finance
2015-2025 IDP action plan will double Sihanoukville’s potential
Sihanoukville is being transformed into a multi-purpose special economic zone following the principles of the Special Administrative Zone, according to the 4th point of the Ministry of Economy and Finance Press Release on Progress of 2015 – 2025 IDP Implementation. The Industrial Development Policy (IDP) represents a comprehensive vision of the Royal Government of Cambodia […]
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PM postpones construction projects to fight against COVID-19
Construction projects scheduled to start in 2020 must be postponed due to COVID-19, according to Samdech Techo Hun Sen’s speech on 3 March 2020 at the 2019 Annual Review Conference and the 2020 Ministry of Health’s Continuing Direction. “Any construction sites that have not been built must be suspended, except for foreign-funded or Cambodia’s budget […]
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Gov’t calls for property developers to join with stamp duty tax exemption
The government has called on property developers to lower the cost of housing given that property tax on properties worth less than US$70,000 will be exempted from tax duty for a year in 2020. On the morning of 02 March 2020, H.E Kong Vibol, Director General of General Department of Taxation, urged all property developers […]
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Experts: EBA withdrawal, COVID-19 opportunities for long-term investment
Local real estate experts suggest that the EBA withdrawal and COVID-19 epidemic are not significant problems for Cambodia, but rather good opportunities for property investors with long-term vision. According to Ms. Grace Rachy Fong, CEO of Century 21 Cambodia, Cambodia has been doing very well in putting this under control, as seen by only one […]
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PM Hun Sen vows to speed up oil production by 2020
Prime Minister Samdech Hun Sen has pledged to accelerate the first oil production in Cambodia from the Apsara oil field by 2020 but has yet to provide a specific date. Samdech Hun Sen made the statement during a press conference regarding the latest updates in Cambodia on 24 February. “I have not yet announced the […]
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Offshore Block D oilfield agreement signed
The Ministry of Mines and Energy has signed an offshore Block D oilfield agreement with Cambodia Resources Energy Development Co. The oil agreement was agreed in December last year and the company is scheduled to start exploration for oil in the Block D in 2020, according to H.E. Cheap Sour, Director-General of Petroleum at Ministry […]
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Government approves 1,000MW coal-fired power plant
The Council of the Ministers has approved two coal-fired power projects with a capacity of nearly 1,000MW, to help fulfil the high demand in power consumption in the kingdom. The coal-fired power projects were approved in a meeting of the Council of the Ministers held on 7 February. The first project is a 265MW coal-fired […]
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Cambodia’s first oil production expected in mid-2020
The first drop of oil to be extracted from Cambodia’s offshore oil field territory is closer to reality as the responsible firm KrisEnergy recently cut the first steel for the Apsara oil platform. According to a press release from KrisEnergy Ltd, the first steel cutting ceremony was held to mark the significant completion progress of […]
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Property-based tax revenue more than doubles in 2019
Stamp duty and property rental tax revenue for 2019 increased more than 111%, compared to 2018, according to a report by the General Department of Taxation. According to a statement released on 21 January, the General Department of Taxation in 2019 collected total tax revenue of more than US$2.8 billion, exceeding the initial plan by […]
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Ministries vow to resolve stamp tax jam
The Ministry of Economy & Finance and the Ministry of Land Management, Urban Planning and Construction have agreed to resolve the slow process of land title transfers and registration under the zero-percent stamp tax category, following more than 13,000 documents having been stuck at the tax administration. According to a press release from the General […]
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