Thailand
Cambodia: Footwear, travel, leather goods producers find new tax law useful
Producers of footwear, travel and leather producers who are the members of two associations in Cambodia have found that the new Law on Taxation promulgated by King Norodom Sihamoni on May 16, 2023, would provide economic benefits to them after they attended a workshop, according to a press statement of the General Department of Taxation (GDT) released yesterday.
About 140 representatives of the members of the associations participated in the hybrid workshop on ‘Update of Law on Taxation’ on Tuesday at the Singapore (Cambodia) International Academy (SCIA) in Phnom Penh, during which they gained more taxation knowledge from the event.
The dissemination workshop on the new Law on Taxation was presided over by Bun Neary, Deputy Director General of GDT and participated in by other senior taxation officials and members of CTLA and Cambodia Footwear Association (CFA), said the statement, adding that the main points of the law were presented to the private participants.
Lim Tong, Chairman of Travel Goods and Leather Association (CTLA) represents 135,000 active workers as of 2022, told Khmer Times yesterday that the participants gained more knowledge and understanding on many areas of the new tax law such as the annual income tax, Value Added Tax (VAT), salary tax and bilateral double taxation agreements.
“The new taxation law does not require our members to pay income tax twice on the same source of income. Previously, we were required to pay twice – once in our country and the second time in other countries or export target countries,” said Tong, who is also the Chairman of CTLA, which is one of the members of the Cambodia Confederation of Investors Association (CCIA) that was inaugurated last month.
Tong also pointed out that the new Law on Taxation is a combination of applicable laws and regulations regarding taxation and fulfills the loopholes of the previous laws based on the actual experiences of Cambodia’s private sector in the implementation of those laws and regulations, especially the doubled tax charge that is now taken out from implementation.
“The new law also sets flexible principles … to provide some tax incentives in case of economic or financial crisis or emergencies in our country to assure the survival of the people and normalcy of the economy and society,” said Tong, adding that it is easier for businesspeople and investors to learn taxes they want to find in the new Law on Taxation.
Source: https://www.khmertimeskh.com/501323942/footwear-travel-leather-goods-producers-find-new-tax-law-useful/