Tax & Revenue

Double Taxation Accord set to be implemented

Date: 29 December 2018; Type: Legal News; Source: Phnom Penh Post

The double taxation agreement between Cambodia and three other countries has come into effect and will be implemented from January 1 next year, a General Department of Taxation (GDT) press release said.

According to the GDT, Cambodia and China signed the deal in 2016 in order to avoid double taxation and prevent evasion of income tax.

The Kingdom also signed another two such agreements with Brunei last year and with Vietnam this year, according to the release.

The agreements will grant protection to nationals of both countries from dual taxation and will boost foreign direct investment and trade between the countries.

Record high

Bilateral trade between Cambodia and Vietnam reached record highs this year with a trading volume amounting to $3.06 billion during the first 10 months of 2018, an increase of 36 per cent from the same period last year.

Trade figures from the General Department of Vietnam Customs for the January-October period this year revealed that among the total $3.06 billion in bilateral trade, Vietnam’s exports to Cambodia accounted for $2.25 billion, or 73 per cent of the total two-way trade.

NBC’s report shows that the bilateral trade between Cambodia and China was worth $6.06 billion last year. Cambodia imported $5.3 billion from China, while the volume of Cambodian exports to the country reached $758 million.

Cambodia Chamber of Commerce director-general Nguon Meng Tech said the agreement is a good deal to promote the Kingdom’s economic growth.

“Tax payment will not be a burden for investors anymore, so investors will be happier to come to invest in the region … All the countries in the region will receive benefit from this agreement,” he said.

The Kingdom’s tax department is currently negotiating double taxation agreements with other countries, including Singapore, Thailand, Malaysia, the Philippines, South Korea and Japan.

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

Judge unconvinced by Rapist’s Excuse

A supreme Court judge labelled a 72-year-old man’s excuse that police threats were the reason he confessed to raping a minor in Kampong Chhnang province in 2013 as “unreasonable”.

Read More

INDUSTRY UPDATES

Customs Department offers Online Payment Services

BANGKOK, Jan 16 (NNT) - Businesses needing to make payments to the Customs Department can now do so through online banking.

Read More

INDUSTRY UPDATES

January 21 Special Non-Working Day in ARMM, Two Other Cities

MANILA, Jan 17 (PNA) - Malacañang has declared Jan. 21, 2019 (Monday), a special non-working day in the Autonomous Region in Muslim Mindanao (ARMM), Isabela City, and Cotabato City for the plebiscite of the Bangsamoro Organic Law (BOL).

Read More

INDUSTRY UPDATES

White Paper on Defence to be tabled in Parliament this Year

KOTA KINABALU, Jan 17 (BERNAMA) - The Ministry of Defence will table a White Paper on Defence which will detail the tasks and roles of the Malaysian Armed Forces, said Defence Deputy Minister Senator Liew Chin Tong.

Read More

INDUSTRY UPDATES

Chief Justice calls for Government Audit on Rights of Indigenous People

KOTA KINABALU, Jan 17 (Bernama) - Chief Justice Tan Sri Richard Malanjum today proposed that the government conduct an audit on the rights of the indigenous people to ensure that they are in line with the United Nations declaration.

Read More

INDUSTRY UPDATES

Rape victim testifies that Sex with Convicted Man was ‘Consensual’

A man who was sentenced to 10 years’ imprisonment for a 2007 rape asked the Appeal Court on Tuesday to release him on bail as he was suffering from mental illness.

Read More

INDUSTRY UPDATES

PRRD appoints new Sandiganbayan Associate Justice

MANILA, Jan 16 (PNA) - President Rodrigo R. Duterte has appointed former Makati Regional Trial Court (RTC) judge Ronald Moreno as Associate Justice of the Sandiganbayan.

Read More

INDUSTRY UPDATES

Foreign Ministry continues Ban on UN Special Rapporteur Lee

THE government said it would not rescind its ban on UN Special Rapporteur Yanghee Lee from entering Myanmar, despite her recent request, a Foreign Ministry official said Monday.

Read More

INDUSTRY UPDATES

Pay the Minimum Wage or face Legal Action, Employers told

Employers in Laos will be subject to legal action if authorities discover they are failing to pay their workers the minimum wage.

Read More

INDUSTRY UPDATES

DLT introducing Electronic Licenses

BANGKOK, Jan 15 (NNT) - The Department of Land Transport (DLT) has officially begun to introduce electronic drivers licenses, launching a downloadable application that can digitally hold driver authorizations and vehicle details.

Read More

INDUSTRY UPDATES

DOLE vows Aid for Workers displaced by Hanjin Bankruptcy

MANILA, Jan 15 (PNA) - The Department of Labor and Employment (DOLE) on Tuesday vowed to assist 3,800 workers of Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) who might be affected after the South Korean shipbuilder declared bankruptcy and applied for rehabilitation.

Read More

INDUSTRY UPDATES

Over 100 Medicine Brands for Treatment of Diabetes, Hypertension, High Cholesterol now cheaper under TRAIN Law

The Food and Drug Administration (FDA) has submitted to the Department of Finance (DOF) a list of over 100 medicines with their corresponding generic names and brands for the treatment and prevention of diabetes, hypertension and high-cholesterol, the sale of which are now exempted from the payment of the value-added tax (VAT) beginning Jan. 1 as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN).

Read More

INDUSTRY UPDATES

Tax Academy eyeing Campuses in Tagaytay, New Clark City

The Department of Finance (DOF) is planning to set up permanent campuses of the Philippine Tax Academy (PTA) in Tagaytay City in Cavite and New Clark City at the Clark Special Economic Zone in Pampanga.

Read More

INDUSTRY UPDATES

Courts urged to speed up Judicial Reform

Hanoi, Jan 14 (VNA) - General Secretary of the Communist Party of Vietnam and President Nguyen Phu Trong has stressed the need for courts at all levels to speed up judicial reform and improve the quality of judgment to minimise inaccurate verdicts and overlooking criminals.

Read More

INDUSTRY UPDATES

No Passport Data lost, breached: Government Printer

MANILA, Jan 14 (PNA) - No passport loss nor breach has occurred in the Department of Foreign Affairs (DFA), APO Production Unit Inc. (APUI), the current Philippine e-passport maker said Monday.

Read More