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Cambodia: GDT to strengthen tax procedures in mine sector
The General Department of Taxation or GDT has said it will strengthen tax collection procedures in the mining sector in response to the sector’s growth through investment projects in Cambodia.
Director-General Kong Vibol’s comments came while he led a delegation to inspect the progress of the mine extraction operation of Renaissance Mineral (Cambodia) in Mondulkiri province last week.
Vibol appreciated the company’s investment activities and encouraged the company to continue to implement socially and environmentally responsible development, attention to compliance with applicable laws and regulations, especially transparent enterprises in fulfilling fiscal obligations and demonstrating high fiscal compliance, which benefits the national budget both in terms of tax revenue and
non-tax revenue.
The GDT has so far faced many obstacles and challenges in the mineral resources sector, with some investment companies in the sector not fully cooperating in fulfilling their tax obligations – such as not providing accounting records, financial statements and related documents, he said.
The government wishes to see other companies and enterprises
in the mining sector implement
tax obligations with the same standards and transparency as Renaissance Mineral (Cambodia), which is always transparent and cooperative in managing tax revenue collection, he said.
“Through the study tour, the GDT will set up a mechanism to better manage tax revenue collection for the mining sector by establishing standards of implementation and compliance for other investment projects in the same sector, which is a potential sector,” Vibol said.
The decision comes after Renaissance Mineral (Cambodia), a subsidiary of Australia-listed Renaissance, started an extraction operation in June last year, making the first commercial gold extraction in the country.
It plans to refine an estimated three tonnes of gold ore every year for the first eight years of the mine’s operation, which is about 250 kg per month.
As of April this year, the firm refined more than two tonnes of gold ore from its licensed commercial gold mine located in Keo Seima district in Mondulkiri province.
Source: https://www.khmertimeskh.com/501101470/gdt-to-strengthen-tax-procedures-in-mine-sector/