Thailand
Cambodia: Ministry revamps self-assessment tax regime classifications
The Ministry of Economy and Finance has issued a prakas (directive) for the classification of taxpayers doing business in the Kingdom currently under the existing self-assessment regime.
The directive was signed by Minister of Economy and Finance Aun Pornmonirath. It is intended to provide consistency in the management and collection of all types of tax revenues effectively, transparently and equitably in line with the economic growth of the Kingdom of Cambodia.
Being eligible for the self-assessment regime is based on annual revenue in the main sectors of agriculture, industry, services and commerce.
The directive will classify self-assessing taxpayers into three distinct categories; small, medium and large.
A small taxpayer is any sole proprietorship enterprise or partnership enterprise that has an annual turnover between 250 million and 1 billion riels in agriculture, services and commerce.
Small taxpayers in the industrial sector are defined by annual revenues between 250 million and 1.6 billion riels or by generating a total revenue for any three consecutive calendar months in excess of 60 million riels. This extends to businesses that anticipate reaching that threshold as well.
The medium taxpayer classification is defined as having annual gross revenue between 1billion and 4 billion riels in the agriculture sector, between 1 billion and 6 billion riels in services and commerce and between 6 billion and 8 billion riels in the industrial sector.
Medium taxpayers include enterprises that are registered as legal entities, representative offices or national and sub-national state institutions as well as all types of organisations or associations including nongovernmental organisations, diplomatic missions and foreign consuls, international organisations and technical cooperated agencies of various governments.
The large taxpayer classification comprises any enterprise that has annual gross revenue of more than 4 billion riels in the agricultural sector, above 6 billion riels in the services and commerce sector and in excess of 8 billion riels in industry. This category includes subsidiaries of multi-national companies, foreign company branches or any enterprise registered as a qualified investment project.
Source: https://www.khmertimeskh.com/50804495/ministry-revamps-self-assessment-tax-regime-classifications/