Taxation & Business

Forum on Tax Updates A Key Event for Businesses

AmCham is hosting a forum that will discuss major tax updates, regulations, and other key information related to Cambodia’s revenue collection process that will be attended by senior GDT tax officials and other industry experts
Shoppers at Phnom Penh's Central Market, September 27, 2022. Kiripost/Siv Channa
Shoppers at Phnom Penh's Central Market, September 27, 2022. Kiripost/Siv Channa

Major tax updates, audits and other tax revenue-related topics will be discussed on Wednesday as part of an information sharing drive with the private sector to enable businesses to be compliant with the General Department of Taxation’s (GDT) current regulations and policies.

In July, authorities started a tax sweep and continue to inspect enterprises in Phnom Penh as part of efforts to increase collections for the government.

The GDT said the objectives of the inspections, which began on July 25, are to provide an easier registration service process and collect information about enterprises, owners and business activities.

The American Chamber of Commerce (AmCham Cambodia), which will hold the joint forum, said the event will welcome 300 participants at Raffles Hotel Le Royal. Kong Vibol, Director General of GDT, will speak at the event.

Kong Vibol, Director General of General Department of Taxation (GDT)
Kong Vibol, Director General of General Department of Taxation (GDT)

Two sessions of panel discussions will look at e-Commerce and the second will focus on transfer pricing and other key issues in tax audits. Both sessions will be joined by six senior GDT tax officials, and experts from DFDL and Tax Partner Baker Tilly.

“Despite the impact of Covid during the last few years, the Ministry of Economy and Finance and GDT have continued at speed to modernize the Cambodian tax system,” AmCham Cambodia said in a news release.

Some of the recent salient tax updates that will be discussed during the event include, VAT on e-commerce, incentives for voluntary disclosures, related party loans, ACAR annual filing, law on investment incentives, and flow meters for local beverage manufacturers.

The release said that tax audits continue to play a major role to enable the government to gather year-on-year increasing tax revenue. Additional topics for discussion take in the tax audit statute of limitations in Cambodia, what documentation is essential to be maintained by taxpayers, the tax disputes appeal process and how it works, transfer pricing issues experienced in tax audits, trade discounts, common mistakes made by taxpayers concerning WHT, tax on salary and specific tax.

AmCham President, Anthony Galliano, will moderate the two panel discussions. He said the forum is expected to be an informative and educational event, with expert speakers from the GDT and private sector. He added it is an essential forum to attend to keep aligned and informed of recent tax developments in the Kingdom.