Login Register

Logo of Phnom Penh Post newspaper Phnom Penh Post - Draft laws on procurement, fiscal policy, approved

Draft laws on procurement, fiscal policy, approved

| Publication date 01 April 2023 | 13:01 ICT

Content image - Phnom Penh Post
Prime Minister Hun Sen chairs a plenary meeting of the Council of Ministers on March 31. SPM

Draft laws on procurement, fiscal policy, approved

Chaired by Prime Minister Hun Sen, the Council of Ministers on March 31 approved draft laws on fiscal policy and public procurement.

In a press release, the Council of Ministers said the fiscal law would promote businesses, add to an already favourable investment climate, and strengthen fiscal compliance.

Comprised of 20 chapters and 255 articles, the draft law would also help ensure fair competition and stimulate the Cambodian economy in all sectors, especially support for small and medium enterprises (SMEs).

The law on public procurement aims to ensure reliability, transparency, efficiency, competitiveness and savings. This draft law was drawn up in line with international best practices, and assigned the role of regulator and auditor to the Ministry of Economy and Finance.

“This draft sets out the separate functions and responsibilities of procurement management and enforcement institutions. It also defines the transfer of responsibility for procurement and introduces mechanisms for receiving and addressing procurement complaints, and establishes a sanctioning policy,” said the release.

“The draft consists of 15 chapters and 87 articles,” it added.

MOST VIEWED

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Brawl marrs football final as Indonesian take gold in seven goal thriller

    The Indonesian men's U22 men national football team were crowned champions of the 32nd SEA Games in Cambodia, defeating Thailand 5-2 in extra time on May 16 at Olympic National Stadium in Phnom Penh. The match was marred by an ugly incident that occured in the 91

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Candlelight Party disqualified from July general election

    The National Election Committee (NEC) has disqualified the Candlelight Party (CP) from contesting the upcoming general election, citing a lack of valid documentation. NEC spokesman Khorn Keomono said the CP failed to fulfil one of the three main requirements: including original documentation proving their registration

  • 1.4 billion dollar Phnom Penh-Bavet expressway due in four years

    The Government, through the Ministry of Public Works and Transport, has officially signed a public-private partnership agreement with a private company for the construction of a Phnom Penh-Bavet Expressway project that will connect the capital to Svay Rieng province. The budget for the project is

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom