Per Notification No. 12723, the General Department of Taxation (“GDT”) informs owners of immovable property (“Property”) which is subject to the Immovable Property Tax (“IPT”) to pay the IPT to the tax authorities by 30 September 2016. Late payment of IPT is subject to penalty....
Read more »In the last few weeks, the General Department of Taxation (GDT) has issued two Notifications (No. 12723 & 13466) reminding owners of immovable property to file their annual Property Tax declaration and pay Property Tax before the deadline of 30 September 2016....
Read more »Banking and finance Implementation of Prakas on minimum registered capital of banking and financial institutions, Circular № B7-016-117 C.L, dated 16 June 2016 This Circular, issued on 16 June 2016, aims at implementing Prakas № B7-016-117 on Minimum Registered Capital of Banking and Financial Institutions (“BFIs”), dated 22 March 2016 (“Prakas № B7-016-117”), in relation to procedures for increasing the minimum registered capital requirements of BFIs. According to...
Read more »As per Notification No. 039 issued by the Ministry of Economy and Finance (MEF) on 21 July 2016, a working group consisting of representatives from both the General Department of Taxation (GDT) and the Phnom Penh Municipality will begin to collect data from all enterprises in Phnom Penh from August 2016 onwards. Representatives of the...
Read more »Extension of Deadline for Online Company Re-Registration, Notification № 2338 (Ministry of Commerce) 01 July 2016 According to Prakas 300, dated 29 December 2015, all companies, branches, and representative offices registered in Cambodia were required to complete a re-registration process through the Ministry of Commerce’s online registration portal which was launched in January 2016. The deadline...
Read more »Banking and Finance MEMBERSHIP OF FAST AND CENTRAL SHARED SWITCH SYSTEMS, Prakas № B14-016-147 Pror Kor, dated 19 May 2016 This Prakas, effective from 19 May 2016, requires banking and financial institutions to become members of FAST and Central Shared Switch systems. It aims at encouraging an easy, quick, effective, secure and reliable retail payment...
Read more »INDUSTRIAL RELATIONS PROMULGATION OF THE LAW ON TRADE UNIONS, Royal Kram № NS/RKM/1516/007, dated 17 May 2016 The Law on Trade Unions is intended to: (a) provide rights and freedom for enterprises, establishments and persons governed by the provisions of the 1997 Labour Law and persons serving in air and maritime transportation and (b) sets...
Read more »BANKING MINIMUM REGISTERED CAPITAL OF BANKING AND FINANCIAL INSTITUTIONS, Prakas № B7-016-117-Pro.Kor (NBC) 22 March 2016 This prakas aims to redefine the minimum registered capital for banking and financial institutions. The objective of this Prakas is to strengthen the capital base of such entities. Based on this prakas, commercial banks incorporated as foreign branches, whose...
Read more »“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein In an earlier tax alert we referred to the issuance by the General Department of Taxation (“GDT”) of Instruction No.1127 which provided important instructions on VAT invoices for taxpayers registered under the real regime of taxation in Cambodia. On the...
Read more »On the 6th of this month, the Ministry of Economy and Finance issued a new Prakas on Tax Registration No. 496 MEF.P. (Prakas 496). Prakas 496 abrogates Prakas 1139 (dated 9 October 2014) that had previously set out procedures for all existi...
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