Logo of Phnom Penh Post newspaper Phnom Penh Post - Rainsy announces new taxes

Rainsy announces new taxes

Rainsy announces new taxes

F inance Minister Sam Rainsy unveiled a new tax package which includes a range of

measures designed to boost government coffers and make tax collection fairer, at

the Tokyo ICORC.

Speaking at the conference, Rainsy told delegates the

new measures were part of a campaign to reform tax administration.

 

"Our objectives are to achieve a more balanced distribution between direct

and indirect taxation and to avoid over-dependence on customs

revenue.

"Since September last year, we began rationalizing the tax

collection system in order to increase the amount of revenue collected and

improve social justice.

"Following the recent introduction of a

standardized accounting system, we will also introduce a corporate profits tax

with a single 20 percent rate," the minister said.

The new measures,

which include an income tax based on salary and taxed at progressive rates

ranging from 10 to 30 percent, and a construction permit tax, would soon be

submitted to the National Assembly.

The minister said the new measures

contained provisions for "a stream-lined profits tax with progressive rates from

10 to 30 percent, extension of the 10 percent tax on real estate rentals to all

leases, the extension of the 10 percent hotel room tax on all leisure

activities, and a tax on vehicles and other forms of transport."

After

the National Assembly accepted the 1994 Budget law, on Dec 28 l993, and royal

assent by King Sihanouk was given, many new taxes were put into effect,

.

Measures already in place include, identification of taxpayers,

improving the basis for calculation, and simplification of the payment

mechanism.

Taxing actual rather than presumed earnings for the largest

corporate taxpayers, requiring certified company accounts and the placement of

all corporate taxpayers under the Tax Department are other measures the minister

believes will make tax collection fairer.

MOST VIEWED

  • Temi tourism project approved by the CDC

    The $500.4 million Tourism, Ecological, Marine and International (Temi) tourism project has been approved by the Council for the Development of Cambodia (CDC), according to a notice on its Facebook page on Monday. The project is part of Chinese-owned Union City Development Group Co Ltd’s (

  • Rainsy will return at ‘favourable time’

    Opposition figure Sam Rainsy on Saturday suggested he would not return to Cambodia as he had previously promised, saying that like liberators King Father Norodom Sihanouk and Charles de Gaulle, he would only do so at a “favourable time”. “I will go back to Cambodia

  • US Embassy urged to stop ‘disrespecting sovereignty’

    The Ministry of Foreign Affairs and International Cooperation called on the US Embassy in Phnom Penh on Saturday to respect the Vienna Convention on Diplomatic Relations after it called former opposition leader Kem Sokha “an innocent man” – a move deemed to be “disrespecting Cambodia’s

  • NagaWorld casino sees net profit of more than $390M last year

    Phnom Penh’s NagaWorld casino posted a 53 per cent net profit increase last year at $390.6 million, a sum which is almost equal to the combined net profit of all Cambodian commercial banks in 2017. NagaWorld’s parent company, NagaCorp Ltd, is listed on the Hong Kong