The Cambodian government approves a new draft taxation law to promote and enhance the business sector, strengthen fiscal compliance, and boost the economy in all areas. The Cambodian government has approved a new draft taxation law that is set to have a positive impact on the country's business sector.
The law is designed to enhance the favourable investment environment, strengthen fiscal compliance, and ensure fair competition, ultimately boosting the Cambodian economy in all areas, with a particular focus on supporting SMEs. While not yet complete, the new tax law aims to fill gaps, facilitate, and ensure consistency by compiling a set of tax laws and regulations under a single decree. This will enable the government to achieve its goal of becoming a high-middle-income country by 2030 and a high-income country by 2050.
Last year, the GDT collected $3.45 billion in revenues, surpassing the $2.81 billion annual target.
The approval of the new draft taxation law is expected to contribute significantly to further revenue generation, resulting in more resources being available for the development of the country's infrastructure and public services.
Overall, the new draft taxation law is currently limited, and additional announcements are anticipated in the upcoming weeks. Implementation of the new tax law is a step in the right direction towards achieving a more robust economy and a higher standard of living for the Cambodian people.
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