Cambodia:
Director General of Taxation announced on Wednesday that the government is considering canceling the minimum tax of 1 percent, a move that was greeted by a group of tax experts, because it will help the company's labor costs.
The announcement was made by the statistics from the General Director of the General Department of Taxation (GDT) in a tax forum organized by the European Chamber of Commerce First Monday Wednesday to review the country's tax system. He said: 'We are considering canceling the minimum tax of 1 percent. He said: 'But it can be done unless you have adequate audit records.
1 percent minimum tax is calculated on the basis of monthly profit and tax as a separate and different from the annual tax on profit. This tax is usually seen as a burden for retailers and manufacturers, particularly in the garment sector, which earns higher income, but less profitable.
While he did not give a definite time for the cancellation, but he is trying to work quickly with the Ministry of Economy and Finance (MEF) to issue an announcement in the next few months.
But while the government is considering changing it requires the participation of stakeholders. He said: 'If we do this, we must have partners and you have to be transparent with the Tax Department. He added: 'If we find that you do not have a list of records, audit, we will put a minimum tax of 1 percent.
Clint O'Connell, president of Cambodia Tax Advisory Practice in charge of foreign investment and tax DFDL said the cancellation minimum tax 1 this percentage will make a big difference to alleviate the burden of low-profit.
He said this would be a welcome change for international companies looking to invest minimum tax as a block for the investors who are trying to enter the market.
He said: 'The increased cash flow to make a big difference, and reducing the minimum tax is applied already for some members in the garment industry.
Anthony Galliano, Tax Committee Eurocham, said that if it is approved, he hoped the government would consider canceling the payment of tax 1 Monthly percent more profit. The recommendations of these two fuels are presented in the book of Eurocham, released earlier this year.
While he indicated that it was too early for the private sector to get too optimistic, he acknowledged that the announcement was a collaboration and a positive step and will help make the country's tax system to mature. He said: 'The minimum tax payments and 1 percent severe penalties on companies that have a high income, but money low profits.
Director General of Taxation announced on Wednesday that the government is considering canceling the minimum tax of 1 percent, a move that was greeted by a group of tax experts, because it will help the company's labor costs.
The announcement was made by the statistics from the General Director of the General Department of Taxation (GDT) in a tax forum organized by the European Chamber of Commerce First Monday Wednesday to review the country's tax system. He said: 'We are considering canceling the minimum tax of 1 percent. He said: 'But it can be done unless you have adequate audit records.
1 percent minimum tax is calculated on the basis of monthly profit and tax as a separate and different from the annual tax on profit. This tax is usually seen as a burden for retailers and manufacturers, particularly in the garment sector, which earns higher income, but less profitable.
While he did not give a definite time for the cancellation, but he is trying to work quickly with the Ministry of Economy and Finance (MEF) to issue an announcement in the next few months.
But while the government is considering changing it requires the participation of stakeholders. He said: 'If we do this, we must have partners and you have to be transparent with the Tax Department. He added: 'If we find that you do not have a list of records, audit, we will put a minimum tax of 1 percent.
Clint O'Connell, president of Cambodia Tax Advisory Practice in charge of foreign investment and tax DFDL said the cancellation minimum tax 1 this percentage will make a big difference to alleviate the burden of low-profit.
He said this would be a welcome change for international companies looking to invest minimum tax as a block for the investors who are trying to enter the market.
He said: 'The increased cash flow to make a big difference, and reducing the minimum tax is applied already for some members in the garment industry.
Anthony Galliano, Tax Committee Eurocham, said that if it is approved, he hoped the government would consider canceling the payment of tax 1 Monthly percent more profit. The recommendations of these two fuels are presented in the book of Eurocham, released earlier this year.
While he indicated that it was too early for the private sector to get too optimistic, he acknowledged that the announcement was a collaboration and a positive step and will help make the country's tax system to mature. He said: 'The minimum tax payments and 1 percent severe penalties on companies that have a high income, but money low profits.
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