Category: Cambodia
Double-tax draft law with Malaysia and South Korea shows progress
This article discusses the benefits of Cambodia's double taxation agreements with Malaysia and South Korea. ... - Continue reading
Cambodia-Hong Kong DTA: Key Features
On January 1, 2020, the double taxation avoidance (DTA) agreement between Cambodia and Hong Kong came into force. ... - Continue reading
DoF expects double-taxation deal with Cambodia soon
A possible double tax treaty is to be expected between the Philippines and Cambodia. ... - Continue reading
Hong Kong announces entry into force of Cambodia, Estonia tax treaties
New tax treaties into force ... - Continue reading
S. Korea, Cambodia sign double taxation avoidance pact
Seoul's finance ministry announces double tax treaty between South Korea and Cambodia. ... - Continue reading
Cambodian parliament ratifies double taxation avoidance pact with China’s Hong Kong
PHNOM PENH, Nov. 4 (Xinhua) — The Cambodian parliament on Monday ratified an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income that the country had signed with China’s Hong Kong Special Administrative Region (HKSAR). Ruling Cambodian People’s Party’s 110… – Continue reading
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
US calls on government to inspect SSEZ over tax avoidance
The US Embassy on Friday called on the Cambodian government to look closely at governance and compliance issues at the majority Chinese-owned Sihanoukville Special Economic Zone (SSEZ) over claims that some Chinese companies are using the zone to avoid tariffs on transshipped goods to the US. Spokeswoman Emily Zeeberg wrote… – Continue reading
No tax avoidance in SSEZ: Commerce Ministry
In the midst of controversy regarding allegations of tax avoidance at the Sihanoukville Special Economic Zone, the Commerce Ministry recently issued a press release stating that it has found no Chinese companies that are using the SSEZ to avoid tariffs on transshipped goods to the US.According to Reuters on Wednesday… – Continue reading
New tax incentives to increase SME sector competitiveness
A new sub-decree issued this week creates a slew of tax incentives for small and medium-sized enterprises in the Kingdom, and confirms that the sector is now one of the government’s main priorities. Sub-decree No 124 – signed by Prime Minister Hun Sen, and issued Tuesday – sets us tax… – Continue reading
Government mulls e-tax
The government is considering imposing taxes on companies’ digital revenue as a way of increasing public coffers by capitalising on the rapidly expanding digital commerce sector. Plans to establish a so-called ‘e-tax’ are in line with the government’s strategy to prepare for the fourth industrial revolution, said Aun Pornmonirath, Deputy… – Continue reading
VN-Cambodia agreement on double taxation avoidance ratified
The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of… – Continue reading
Double tax deal to boost Chinese investment
Experts yesterday agreed that a double taxation agreement (DTA) with China due to come into force on January will boost Chinese investment in the Kingdom. Speaking at a seminar in Phnom Penh, Clint O’Connell, head of tax at DFDL, said the agreement will attract more Chinese investors to Cambodia. “It… – Continue reading
GDT reminds firms to mind US tax act FATCA
The General Department of Taxation on Friday issued a statement reminding Cambodian financial institutions to comply with the reporting requirements of the US’s Foreign Account Tax Compliance Act (FATCA). Cambodia and the US have signed an agreement to enforce FATCA, which mandates that financial institutions holding certain amounts of money… – Continue reading
Vietnam seals deal in tax agreement
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect… – Continue reading
On the lookout for US taxpayers in Cambodia
The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. The statement, issued on January 3 and signed by GDT’s general director Kong Vibol, said reporting accurate US-TIN numbers is necessary… – Continue reading
Taxation agreement with Singapore in effect
The double tax avoidance agreement (DTA) between Cambodia and Singapore came into effect this month, helping clarify taxation rights on all forms of income arising from cross-border business activities, while minimising double taxation. On January 1 the Inland Revenue Authority of Singapore (IRAS) issued an announcement stating that the DTA… – Continue reading
Government reduces tax load on MFIs receiving money from abroad
The Ministry of Economy and Finance (MEF) recently decided to shrink the tax burden for local microfinance institutions (MFIs) by lowering withholding tax on interest from loans acquired from abroad from 14 to 10 percent, a move that the government claims will keep the massive sector sustainable. This is the… – Continue reading
Tax deal with Cambodia cleared
THE CABINET yesterday gave the green light to a draft agreement on the exemption of double taxation between Thailand and Cambodia. It aims to back this up with a similar deal with Brunei as part of Thailand’s effort to complete cooperation on this and other economic initiatives with all the… – Continue reading
Kingdom, Brunei pen agreement over taxes
Cambodia signed a double taxation agreement (DTA) with Brunei aimed at preventing dual taxation and fiscal evasion, the Ministry of Economy and Finance said yesterday in a press release. This is the third DTA agreement that Cambodia has signed after Singapore and China, while the government is currently developing framework… – Continue reading
Push to draw up Cambodia-Thai tax treaty
Representatives from the tax authorities of Cambodia and Thailand have agreed in principle to speed up a proposed double taxation agreement that would protect their nationals from dual taxation and encourage bilateral investment. The agreement was made last week during a two-day consultation workshop in Bangkok for tax officials from… – Continue reading
PH eyes tax treaties with Asean peers
The Philippines is eyeing to seal tax treaties with all nine other Asean member-states, according to the Bureau of Internal Revenue (BIR). The country already has effective double taxation agreements (DTAs) with Indonesia, Malaysia, Singapore, Thailand and Vietnam, BIR Assistant Commissioner Marissa O. Cabreros noted in a presentation at last… – Continue reading
With 42% increase in trade, India-NZ agree to amend Double Taxation Agreement
India and New Zealand also vowed to press for successful negotiations of the Regional Comprehensive Economic Partnership (RCEP). India and New Zealand decided to amend the bilateral tax treaty and expressed commitment to work towards a comprehensive free trade agreement with a view to boost economic ties on Wednesday. The… – Continue reading
Chinese dual tax burden relieved
An extensive tax treaty that would shield Chinese businesses operating in the Kingdom from double taxation, and vice versa, has been drafted and is expected to be approved imminently, according to a senior Cambodian tax official. Experts said yesterday the double taxation agreement (DTA) would create a clear legal framework… – Continue reading
A Talk on the Benefits of Double Taxation Avoidance Agreement between Cambodia and Singapore
In May 2016, the Cambodian and Singaporean government authorities signed a new agreement to avoid double taxation with respect to taxes on income and on capital. What are the objectives and benefits of a double taxation avoidance (DTA) agreement? The “big-picture” objectives of the DTA between Singapore and Cambodia are… – Continue reading
New double tax treaty will help French businesses operating in Singapore, says expert
A new double tax treaty between France and Singapore will be of particular help to French companies operating in Singapore, especially in the construction industry, an expert has said. Franck Lagorce, an expert in French tax at Pinsent Masons, the law firm behind Out-law.com was commenting following an announcement from… – Continue reading
Singapore, Cambodia Sign Tax Treaty
Singapore and Cambodia have entered into a double taxation avoidance agreement to boost cross-border trade and investment between the two countries. The Agreement was signed on May 20, 2016, by Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance, and Aun Pornmoniroth, Cambodia’s Senior Minister of Economy and… – Continue reading
Transfer pricing law in Thailand and the BEPS initiative
Initiated by the Organisation for Economic Cooperation and Development in 2013 and endorsed by the G-20, the OECD’s “Action Plan to Address Base Erosion and Profit Shifting (BEPS)” includes 15 key areas to encourage more transparency, better reporting and more cooperation between countries in which multinational companies operate. On October… – Continue reading
Cambodia – United States: FATCA Agreement Signed
On 14 September 2015, Cambodia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement. FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs)… – Continue reading
SMU-TA CENTRE FOR EXCELLENCE IN TAXATION INAUGURATES ITS FIRST CONFERENCE
Since its inception in August 2014, the SMU-TA Centre for Excellence in Taxation has worked tirelessly with industry practitioners, international academics and various key stakeholders to produce its first set of research works. On September 17, the Centre successfully presented its inaugural conference titled “A New Equilibrium in Tax Competition… – Continue reading
PM Wants No Double Tax for Foreign Teachers
Prime Minister Hun Sen said Saturday he would like to stop foreign teachers from being required to pay income tax both in Cambodia and their home country in order to attract more highly-skilled educators to work here. Speaking at the official opening of the International School of Phnom Penh’s new… – Continue reading
Cambodia’s Gaming Tax Revenues Surge
Revenues from Cambodia’s gambling taxes increased by 20 percent in the first six months of the year compared with the same period in 2014, thanks partly to players flocking to the country from neighboring Thailand. According to The Cambodian Daily, which cited a finance ministry official, gambling tax revenues reached… – Continue reading
Double taxation in the AEC and tax credits in Thailand
The long-awaited formation of the Asean Economic Community (AEC) is just over five months away. Drawn by the promise of a freer flow of goods, services, investment, capital and skilled labour, many businesses need to study how to prevent or reduce the effects of double taxation. Double taxation results from… – Continue reading
HK, Singapore Home To Asia’s Highest Property Taxes
In its recent Asia-Pacific Residential Review, global property consultancy Knight Frank has said that Hong Kong and Singapore have the highest tax burdens on foreign property investors. It notes Singapore and Hong Kong have imposed taxes on foreign property buyers, such as additional duties, as a “macro-prudential tool … to… – Continue reading
Foreigner premium’ property taxes highest in Singapore and Hong Kong
Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank Singapore and Hong Kong are the most costly places for a foreigner to… – Continue reading
Wolters Kluwer Financial Services Issues FATCA Guidance for Banks in Asia
Regional Adoption on Pace with Europe as Singapore Signs Agreement Experts at Wolters Kluwer Financial Services today issued guidance on the Foreign Account Tax Compliance Act in an effort to help support banks’ regulatory compliance efforts within the region. The commentary comes in reaction to the news last week that… – Continue reading
Myanmar ranks 156th in transparency index
Among 175 countries included in the Corruption Perceptions Index, Myanmar is ranked the 156th – being on par with Cambodia. According to Transparency International, which released the index earlier this month, both countries scored 21. Among Asia Pacific nations, Myanmar is the third most corrupt nation. The 2014 ranking showed… – Continue reading
Barbados wants talks with Colombia on tax treaty
BRIDGETOWN, Barbados (CMC) – Barbados says it seeking to hold talks with Colombia on a Tax Information Exchange Agreement (TIEA). Industry, International Business, Commerce and Small Business Development Minister Donville Inniss, said that although Bridgetown had recently initialled a TIEA with Bogota, neither side considered the TIEA an alternative to… – Continue reading
Panama Achieves Tax-Haven Status, Doesn’t Want It Central American Nation Wants Off Colombia’s “Gray List”
Colombian and Panamanian finance ministers met on Wednesday to resolve a lingering tax dispute between the two nations. On Tuesday, the Colombian government included Panama in its “gray list” after the Central American nation failed to sign a tax information exchange agreement within the allotted time period. Mauricio Cárdenas and… – Continue reading
RM30.5m siphoned from Labuan?
LABUAN: Police here on Thursday confirmed receiving a report from an offshore bank on an alleged illegal transfer of RM30.5 million to accounts in Hong Kong and Cambodia. According to the report lodged on Sept 18, one of its clients was tricked into revealing details and information regarding its account…. – Continue reading
US applies scrutiny on tax abroad
Cambodia has agreed to help the United States in its global effort to crack down on tax evasion by working with local banks to hand over financial data on US residents and business interests abroad, according to tax experts and officials. Speaking yesterday at the 17th Government-Private Sector Forum held… – Continue reading
