Logo of Phnom Penh Post newspaper Phnom Penh Post - Fines await late tax filing



Fines await late tax filing

Content image - Phnom Penh Post
National Accounting Council (NAC) officials hold a meeting on Wednesday. NAC

Fines await late tax filing

Accountants, auditors, enterprises and NGOs that delay the submission of their tax return forms or commit accounting fraud are liable to a fine of more than 30 million riel ($7,300), according to a new sub-decree on Transactional Penalties for Violations in Accounting and Auditing Laws.

The eight-page sub-decree, signed by Prime Minister Hun Sen on Monday, aims to promote accountability and ensure the proper implementation of the law on accounting and auditing.

The sub-decree states that the transactional penalty falls under the purview of the National Accounting Council (NAC) where its director has the right to make decisions after reviewing the proposal for a decision by the general secretariat.

The amount of the transactional penalties, which starts from 800,000 riel, is subject to the state revenue of the NAC.

If the crimes are repeated, the guilty party could either face double transactional penalties, suspension or withdrawal of its accounting and auditing professional licence, as well as legal action.

However, the sub-decree provides an avenue for appeal over the decision with the NAC within 15 days.

“Accused parties also have the right to file an appeal to the Minister of Economy and Finance and the court within 30 days,” the document read.

Ministry spokesman Meas Soksensan told The Post on Tuesday that the sub-decree was issued in response to changes in the accounting and auditing practices in Cambodia and overseas due to economic transformations.

Recent economic developments have required respective countries to update their regulations on accounting management.

“Owing to that, Cambodia implemented this sub-decree so that it can manage the sector more effectively,” Soksensan said.

Heang Phirum, a private company accountant in Phnom Penh, said although the penalty is high, subordinate institutions must obey the law.

She also hopes that the law would be implemented transparently nationwide.

“We don’t have many experts [in the accounting and auditing sector] as they are difficult to find and companies don’t hire them because they are expensive,” Phirum said.

Watch video:

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia's cluster cases jump to 259

    The Ministry of Health on February 27 recorded 26 more cases of Covid-19 linked to the February 20 community transmission, bringing the total to 259 in one week. The 26 include three Vietnamese nationals and one Cambodian, with the rest being Chinese. The ministry noted that five of the Chinese