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:


  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Inter-provincial travel ban lifted; Phnom Penh and Takmao not exempted

    The government on April 25 decided to lift the inter-provincial travel ban and the closure of tourist attractions across the country, effectively immediately. The travel ban and closures of all resorts were imposed on April 6 and 17 respectively in a bid to curb the spread of Covid-19,

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • Phnom Penh, Takmao lockdown extended for another week

    The government late on April 26 announced an extension of lockdown in Phnom Penh and adjacent Takmao town in Kandal province for another seven days – or longer if residents do not comply with Covid-19 preventive measures and the community outbreak does not subside – until May 5. According

  • Gov't mulls extension of Phnom Penh, Takmao lockdown

    The Inter-ministerial National Commission for the Control and Enforcement of Lockdown held a video conference meeting on April 25 to review a draft document on the extension of lockdown in Phnom Penh and adjacent Kandal province’s Takmao town. The meeting was chaired by Minister of

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR